Ethereum (ETH) Tops $2000, Eyes the $2100 Resistance Level

• Ethereum surpasses $1,950, eyes $2,070 resistance amid market surge.
• Santander Private Banking offers Bitcoin and Ethereum services in Switzerland.
• Glassnode reports large Ethereum holders accumulating, wallets with 10,000+ ETH increase.

Ethereum has begun a fresh surge, surpassing the resistance mark of $1,950. The cryptocurrency with the second-highest market capitalization is in a stabilization phase, looking towards a possible surge past the $2,070 resistance level. This upward trend is consistent, starting from a swing low of $1,976 and achieving a peak of $2,061.

The upward momentum of ETH has led to the creation of a solid base over the $2,000 threshold. Following this, ETH overcame important resistance points at $2,030, reflecting the similar upward movement of Bitcoin . Advancing past $2,050 and the 100-hour simple moving average, Ethereum broke through a crucial downtrend line with resistance near $2,070 on the hourly chart when measured against the US dollar.

The upbeat mood in the worldwide cryptocurrency market is a result of a statement from Santander Private Banking International, which is part of Banco Santander. This major Spanish banking institution has begun providing services for trading and holding Bitcoin and Ethereum to an exclusive segment of its clientele in Switzerland.

Furthermore, blockchain analytics from Glassnode indicate a steady accumulation trend by large Ethereum holders, suggesting a growing trust among purchasers. The number of wallets containing more than 10,000 ETH (worth approximately $20 million) has increased following a two-month period. This increase bolsters Ethereum’s ongoing path by maintaining its drive above the $2,000 mark.

Ethereum Faces Resistance Approaching $2,500 Milestone 

Today, the foremost alternative cryptocurrency reached a high of $2,061, accompanied by a trading volume of $12.9 billion daily, an increase of more than 67% from the previous 24 hours. However, despite these increases, ETH has struggled to exceed the $2,500 mark since May of the previous year.

The resistance level at $2,070 presents an obstacle for ETH’s upward movement. Should a clear break above this threshold, it may initiate a bullish trend, with subsequent resistance at $2,150 and the possibility of additional advances towards the $2,250 and $2,500 marks.

On the other hand, if ETH fails to break through the resistance at $2,070, it could start a downward correction. The first level of support is $2,000, with significant subsequent support levels at $1,980 and $1,950. If it falls below $1,950, ETH could face further declines, possibly reaching the support zone at $1,905.