Ethereum Bulls Drive ETH Price Towards $2,000 as Uptrend Gains Momentum
The price of Ethereum has experienced a surge of momentum this week, as bullish investors strive to push the cryptocurrency towards the significant $2,000 level. After remaining consolidated below $1,700 for several weeks, Ethereum saw a rebound following a 15% increase in the price of Bitcoin. This surge allowed ETH to break through critical resistance levels at $1,750 and $1,800.
- Ethereum’s price has witnessed a decent increase following Bitcoin’s 15% rally and is currently trading above $1,780.
- ETH price successfully cleared the resistance levels at $1,750 and $1,800, reaching a high of $1,849 before consolidating.
- A bullish trendline has formed on the hourly chart, indicating that key support lies at $1,750.
- Resistance levels are observed at $1,850 and $1,880, and breaking the latter could accelerate gains towards $2,000.
- The hourly MACD is displaying bullish momentum, supporting the overall uptrend.
- In the event of a failure to surpass overhead resistances, there could be a downside correction with strong support expected at $1,700 and $1,650.
Ether reached a weekly high of $1,849 before experiencing a slight setback. However, bullish sentiment remains strong as the rally cleared the 100-hour SMA and formed a rising trendline on the hourly chart. The hourly MACD indicator has also turned bullish, further affirming the growing upside momentum. Analysts believe that ETH must break the resistance levels at $1,850 and $1,880 to sustain the current upward trend. Should buyers successfully convert these levels into support, an accelerated rally towards the $2,000 mark may ensue, with potential gains extending to the 2022 high of $2,200.
Conversely, failure to maintain the $1,750 trendline support could result in a downward movement towards $1,700 and $1,650 in the short term. Traders anticipate robust defense of these levels from the bulls. Nonetheless, buyers currently appear to have regained control after weeks of bearish sentiment. This recent surge coincides with Bitcoin reclaiming $34,000, bolstering overall market sentiment in the crypto space. If Ethereum bulls can sustain this momentum, it could signify the beginnings of a new uptrend after months of subdued prices across various cryptocurrencies.
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