Ethereum has reached the $2,000 level, but its rally faces a tough test as three technical resistances converge in this area.
The altcoin trades around $1,930 at the time of writing after 2% daily gains. Institutional demand remains supportive with US spot Ethereum ETFs opening the week with another $38.09 million on Monday, July 20.
Momentum is constructive, but a move above $2,000 alone would not fully confirm the breakout. ETH needs to remain above the resistance cluster and successfully retest it as support to show that sellers around the 100-day average and Fibonacci level had been absorbed.