- Ethereum price bounces off support at $1,850 amid ETF approval in Brazil.
- Ethers short-term technical levels flip bullish, propping the uptrend toward $2,400.
Ethereum price revisited areas under $2,000 on Wednesday, whereby support at $1,850 was tested. The decline occurred alongside widespread correction in the market. For instance, Bitcoin plunged to $31,600 while Ripple lost ground at $0.6 to trade around $0.59.
At the time of writing, Ethereum trades at $1,987 after losing recovery momentum at $2,000. Although the barrier at this level seems formidable, bulls are ready for a massive uptick that may see Ether brush shoulders with $2,400 before the week’s trading comes to a halt.
How Ethereum Price Bulls Plan To Lift To $2,400
Ethereum is teetering within the confines of a descending parallel channel. The upper boundary limits upward movement while the middle border provides immediate support. A break above $2,000 needs to be confirmed to assure investors that ETH is ready to rock toward $2,400.
It is worth keeping an eye on Ethereum’s short-term technical picture. For instance, a golden cross pattern will likely come into the picture as the 100 Simple Moving Average (SMA) crossed above the 200 SMA on the four-hour chart. This will imply that the incoming uptrend may last longer, allowing Ether to consolidate higher than $2,200.
ETH/USD four-hour chart
At the same time, the Moving Average Convergence Divergence (MACD) indicator has a vivid bullish outlook. The formation came into play when the 12-day EMA crossed above the 26-day EMA. This buy signal calls more investors in the market, adding weight to the tailwind championing Ether toward $2,400.
QR Capital, a blockchain investment company, has been cleared to list an Ethereum exchange-traded fund (ETF) on the Brazil stock exchange by the markets regulator. The new product will list on B3 exchange, a Sao Paulo-based exchange under the ticker QETH11.
It becomes the first Latin America Ethereum ETH and will see QR Capital utilize institutional custody at the Gemini exchange. Investors buying the product will not have to worry about private keys because the firm will buy Ether on their behalf.
As the market sunk on Wednesday, this news slightly boosted Ethereum price from the support at $1,850 to $2,000. Ether is expected to lift further as the product begins trading.
Ethereum intraday levels
Spot rate: $1,978
Trend: Bearish biased
Resistance: 2,000 and $2,400