Cautiously long on Ether

ETHUSDT

Ether has been trading near the 20-day EMA ($1,833) for the past few days. Despite successful defense by the bears at this level, the bulls have maintained pressure, increasing the chances of a breakout above the 20-day EMA. If that occurs, the ETH/USDT pair could rise towards the resistance line of the falling wedge pattern. This resistance level may present a strong barrier, but if the bulls overcome it, the pair could embark on an upward movement towards $2,000 and potentially $2,141.

Conversely, if the price turns down and breaks below $1,771, the pair may decline towards the support line. This support level is crucial for the bulls to defend, as a break below it could lead to a drop to $1,600.