Ethereum’s price Ethereum has experienced a revitalization this week, with bullish traders working hard to push the price closer to the major $2,000 target.
Following a period under $1,700, Ethereum rallied, inspired by Bitcoin's 15% climb, managing to surpass pivotal resistance zones at $1,750 and $1,800.
Keypoints
- Ethereum's price began to climb steadily post Bitcoin's rally, now sitting above the $1,780 threshold.
- After overcoming resistance levels at $1,750 and $1,800, Ethereum reached a peak of $1,849 before settling.
- A crucial support point is at $1,750, highlighted by a bullish trendline on the hourly chart.
- Resistance is positioned at $1,850 and $1,880. Surpassing $1,880 might pave the way for a rise towards $2,000.
- The hourly MACD is building strength in the bullish sector, reinforcing the upward trajectory.
- If Ethereum fails to break past current resistances, a downward correction may follow. Solid support can be found at $1,700 and $1,650.
Ether reached a peak of $1,849 for the week before pausing slightly. However, bullish sentiment remains strong as the rally breaks the 100-hour SMA, with a new upward trend appearing on the chart.
The hourly MACD has turned bullish, adding to the momentum of Ethereum's upward movement. Experts suggest breaking past $1,850 and $1,880 as key to maintaining the trend.
Successfully turning resistance levels into support might set the stage for a quicker ascent toward $2,000. Breaching this level opens the possibility of hitting $2,200, last seen in 2022.
On the flip side, a failure to maintain the $1,750 trendline might trigger a decline towards $1,700 and $1,650 in the short term, though bulls are expected to hold these levels.
Currently, buyers have regained control after an extended bearish period. The recent uptick coincides with Bitcoin's rise above $34,000, boosting market morale.
Should Ethereum bulls continue this momentum, the market could see a revival early stages of a new uptrend in the wake of months marked by lackluster cryptocurrency prices.
