Ethereum Surpasses $2,000 Mark as the Bull Run Continues

Ethereum Bulls Push ETH Price Toward $2,000 as Uptrend Accelerates

Ethereum’s Price Surge: Bulls Aim for $2,000 Amid Bitcoin Rally

Ethereum’s price has regained its upward momentum this week as bullish investors strive to push it beyond the critical $2,000 threshold.

After weeks of consolidation below $1,700, Ethereum received a boost as Bitcoin surged 15% in recent days. This surge enabled ETH to break through significant resistance levels at $1,750 and $1,800.

Key Takeaways

  1. Ethereum’s price is on the rise, thanks to a 15% rally in Bitcoin, currently trading above $1,780.
  2. ETH cleared the hurdles at $1,750 and $1,800, reaching a high of $1,849 before stabilizing.
  3. Notably, a bullish trendline has formed at the $1,750 support level on the hourly chart.
  4. Resistance levels can be found at $1,850 and $1,880. A breakthrough at $1,880 might accelerate the gains towards $2,000.
  5. The hourly MACD indicator is gaining strength in the bullish zone, reinforcing the upward trend.
  6. In case overhead resistances cannot be overcome, a correction to the downside is possible. Robust support awaits at $1,700 and $1,650.

Ethereum briefly reached a weekly high of $1,849 before a minor pullback. Nevertheless, the bullish sentiment is evident, with the rally successfully surpassing the 100-hour SMA and a rising trendline forming on the hourly chart.

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The hourly MACD indicator has also turned bullish, further supporting the growing upward momentum. Analysts suggest that ETH must breach the resistance levels at $1,850 and $1,880 to sustain this upward trajectory.

Should this occur, it could pave the way for an accelerated rally towards the $2,000 mark, potentially targeting the 2022 high of $2,200.

Conversely, failing to maintain the $1,750 trendline support could lead to a downward move towards $1,700 and $1,650 in the short term. Traders anticipate strong defense of these levels by the bullish investors.

As of now, buyers appear to have regained control after weeks of bearish sentiment. The recent surge coincided with Bitcoin reclaiming the $34,000 mark, boosting overall sentiment in the crypto market.

If Ethereum’s bullish momentum continues, we may be witnessing the early stages of a new uptrend following months of depressed prices across various crypto assets.


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