ETH Eyes $2,000, US Investors Step Up, But There’s a Catch
• Ethereum’s price is showing a very bullish signal right now, with a couple of key resistance levels getting broken to the upside.
• If the breakout is valid, things could look much better for the crypto market in the coming months.
• Currently, the key $1800 resistance level is also seemingly getting tested, and the price could soon target values above $2000.
Ethereum Price Analysis
Ethereum’s price is currently showing positive signs in technical analysis, as several key resistance levels have been broken to the upside. This could point to more bullishness in the cryptocurrency market in upcoming months.
Key Resistance Levels Broken
The daily chart shows that Ethereum has rebounded from its 200-day moving average around $1400 and climbed above its 50-day moving average located around $1600. Additionally, it has broken through the higher boundary of a large symmetrical triangle pattern. The key $1800 resistance level is yet to be tested and broken before Ethereum can reach values above $2000.
Possible Correction Ahead?
On closer inspection of Ethereum’s 4-hour chart, it can be seen that there is a bearish divergence between recent price highs which may suggest an impending correction if a fake breakout occurs. In this case, prices may pull back towards either of the 50-day or 200-day moving averages or even towards $1300 support area.
Upside Targets Above $2000
If Ethereum manages to break past its current resistance level at $1800 and sustain itself above this mark then further targets would lie above $2000 – likely reaching up to around $2300 over coming weeks.