Ethereum’s price has found renewed momentum this week, with bulls attempting to extend the uptrend towards the key $2,000 level.
After consolidating under $1,700 for multiple weeks, Ethereum saw a bounce as Bitcoin rallied 15% higher in recent days. This allowed ETH to clear crucial resistance levels at $1,750 and $1,800.
Keypoints
Ethereum price has started a decent increase after Bitcoin’s 15% rally, now trading above $1,780.
ETH price cleared the $1,750 and $1,800 resistance levels to reach a high of $1,849 before consolidating.
Key support lies at $1,750 where a bullish trendline has formed on the hourly chart.
Resistance is seen at $1,850 and $1,880 levels. Breaking $1,880 could accelerate gains toward $2,000.
The hourly MACD is gaining momentum in the bullish zone, supporting the uptrend.
However, failure to clear overhead resistances could lead to a downside correction. Strong support lies at $1,700 and $1,650.
Ether hit a weekly high of $1,849 before pulling back slightly. However, the bullish sentiment is evident by the rally clearing the 100-hour SMA and a rising trendline forming on the hourly chart.
The hourly MACD indicator also flipped bullish, supporting the building upside momentum. Analysts say ETH needs to break above the resistors at $1,850 and $1,880 to sustain the uptrend.
This could open the doors for an accelerated rally toward the $2,000 mark if buyers can flip these levels into support. Further gains above $2,000 would bring the 2022 high of $2,200 into play.
On the flip side, failure to hold the $1,750 trendline support could lead to a downward move toward $1,700 and $1,650 in the near-term. Traders expect strong defense of these levels from the bulls.
But for now, buyers seem to be back in control after weeks of bearish sentiment. The recent surge also comes as Bitcoin reclaimed $34,000, lifting the overall crypto market sentiment.
If the Ethereum bulls can build on this momentum, we could be in the early stages of a new uptrend after months of depressed prices across crypto assets.
