After soaring over 10% on Wednesday, Ethereum (ETH) has jumped past the $2,000 mark for the first time since March, leading some analysts to suggest that the second-largest crypto could reclaim its macro range in the coming days.<\/p>\n
For the first time in over a month, Ethereum has retested the $2,000 resistance, hitting a seven-week high of $2,075. The King of Altcoin lost this level at the end of March, nosediving to its two-year low of $1,385 in the following weeks.<\/p>\n
Amid the late-April market recovery, ETH climbed above crucial levels, reclaiming the $1,600-$1,750 zone over the last 14 days. Earlier this week, the cryptocurrency finally reclaimed the $1,800 resistance, but some investors worried<\/a> about its sideways price action and a potential drop to lower support levels.<\/p>\n Nonetheless, Ethereum soared<\/a> by 8.3% toward the $1,950 level after US President Donald Trump revealed yesterday that a \u201cmajor trade deal\u201d with a \u201cbig, and highly respected, country\u201d\u00a0would be announced on May 8.<\/p>\n On Thursday, Trump\u2019s $6 billion deal with the UK pushed ETH past the $2,000 mark and near the $2,100 level. Analyst Rekt Capital highlighted the \u201cstrong breakout so far,\u201d noting that the cryptocurrency held the bottom of its historical demand zone and rebounded around 14% to the top of the range.<\/p>\n After the price jump, the analyst explained that ETH must turn the $1,930 level into support to avoid an upside wick and rejection, and confirm a breakout toward the $2,200 area.<\/p>\n \u201cEthereum will need to simply stay above $1930 to continue to be positioned for a revisit of $2200 (black). The goal for ETH is to use this light blue historical demand area to resynchronise with its $2200-$3900 Macro Range,\u201d he detailed.<\/p>\n Rekt Capital also pointed<\/a> out ETH\u2019s dominance was \u201cupticking after making new All Time Lows,\u201d which resembles its 2020 performance. At the time, the cryptocurrency\u2019s dominance bounced after making a new low, surging toward higher levels in the following months.<\/p>\n Meanwhile, Daan Crypto Trades noted that Ethereum is testing its range high against<\/a> its BTC trading pair. According to the post, \u201cthis move is tiny compared to what it has to make up for to see some proper relief. You can however already see the market wide impact it has on alts by just moving ~7% against BTC.\u201d<\/p>\n Despite looking \u201cdecent\u201d after the price jump, the trader advised investors not to get overexcited until ETH\/BTC breaks out and holds above the 0.0202 range high.<\/p>\n \u201cIf it does that, we can get a setup for a larger potential few week reversal in ALT\/BTC pairs and for BTC.D to come down. For now, still rangebound,\u201d Daan explained.<\/p>\nETH Eyes New Bull Rally<\/h2>\n