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Ether holds price above USD 2,000 as market slowly recovers

 


The cryptocurrency market is slowly recovering from its recent plunge and has increased its market cap by more than $100 billion in the past 24 hours.


The broader crypto market had a bad week through Thursday. The market lost nearly $400 billion in the past few days.


However, sentiment has improved over the past 24 hours, with the market up more than 11% over the period. The total crypto market cap currently stands at $1.3 trillion.


Bitcoin remains the market leader and is trading above USD 30,000 again. It's up more than 8% in the last 24 hours.


Ether, the second largest cryptocurrency by market cap, is also up more than 8% over the past 24 hours. It is now trading above USD 2,000 and it could climb higher in the coming hours and days.


Market sentiment was negatively impacted by the Terra crisis. However, now that the Terra blockchain has been officially halted, the market could embark on a journey of recovery in the coming days.

The ETH/USD 4-hour chart remains bearish despite the ongoing positive performance of Ethereum. Ethereum has not fully recovered from the bearish trend that has negatively impacted its price over the past few weeks.


The MACD line is still below the neutral zone. However, it is improving and could turn into positive territory if the bulls continue to control the market.


The 14-day RSI from 40 shows that ETH is no longer in the oversold territory. At the time of writing, ETH is trading at $2,069. If the rally continues, it could scale above the first major resistance level at $2,180 before the end of the day.


In the event of a prolonged bullish performance, ETH could surpass the second major resistance level at $2,308 in the next few hours or days.


However, ETH could lose its support level at $2,000 if the bears regain control of the market. Ether should defend its price comfortably above the second major support level at $1,890.

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