Ether prices reclaimed $2,000 on Monday, increasing expectations that the latest rebound would served as a cue for further upside moves based on bullish fundamental and technical outlooks.
The world’s second-largest cryptocurrency (by market cap) surged up to 4.96% to $2,083 ahead of the London opening bell. Its gains appeared as a part of an overall upside correction that started late Saturday. At that time, bids for ETH/USD had fallen to as low as $1,717.41.
On Sunday, the pair closed the session at $1,984.71, following it up another spike above $2,000 on Monday, a level that traders consider backstop for further bullish momentum in the Ethereum market.
Market analyst Edward “Teddy” Cleps also highlighted a bullish scenario for Ether as he referred to his custom-made “secret EMA cloud.” The analyst refers to the said exponential moving average indicator periodically to identify potential entry and exit levels in a trade.
Last week, ETH had slipped below the EMA cloud’s lowermost wave support. This week, the cryptocurrency reclaimed it, prompting Cleps to predict an extended upside momentum.