Ethereum [ETH]: Here’s the question of profit now that ETH is above $2K

ambcrypto.com:

Proof-of-Stake (PoS) bound Ethereum [ETH] has  jumped by almost 100% in the last thirty days. Consider this – On 14 July, ETH was valued at a mere $1,086. At press time, however, the altcoin was up 6.61% in 24 hours to hit a value of $2011.80 on the charts.

With investors gearing up for the final stage of the Merge, is ETH primed to go beyond and stay above the $2,000-level before the event?

The possibility of reaching this milestone soon may have taken a hit, however. This, in light of a potential ETH price reversal from its press time position. 

According to the ETH/USDT chart, for instance, the Relative Strength Index (RSI) indicated that buying pressure might have gone too far. The RSI flashed a reading of 74.09 on the charts, meaning it had already crossed the overbought level and was in the region for a price drawdown. However, investors still looking for profits may have something to hold on to considering ETH’s press time position. 

Source: TradingView

Furthermore, the Directional Movement Index (DMI) revealed the +DMI (green) was comfortably above the -DMI (red). This suggested that ETH may sustain its uptick for a while. 

Based on the same indicator, the ADX (yellow) flashed northbound movement, considered a strong directional one. If the ADX maintains its position, ETH’s potential of holding $2000 may well be in place. However, investors may still need to watch the Moving Average Convergence Divergence (MACD).

Source: TradingView

According to the charts, the MACD’s position was a close call between bearish and bullish momentum. Interestingly, the indicator was above zero, indicating that buyers had more strength. 

Similarly, there was a slight difference in the buying pressure (blue) over the sellers (orange). For this