Ethereum Bulls Push ETH Price To $2,000 As Uptrend Speeds

Ethereum price has found renewed momentum this week, with bulls trying to extend the advance towards the key $2,000 level.

After consolidating below $1,700 for several weeks, Ethereum has rallied, with Bitcoin rallying 15% in recent days. This allowed ETH to clear critical resistance levels at $1,750 and $1,800.

Main points

Ethereum price has started a nice rally 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 is at $1,750, where a bullish trend has formed on the hourly chart. Resistance is seen at the $1,850 and $1,880 levels. A break of $1,880 could accelerate profits to $2,000. The hourly MACD is gaining momentum in the bullish zone, which supports the bullish trend. However, failure to clear excess defenses can lead to undercorrection. Strong support is $1,700 and $1,650.

Ether touched a weekly high of $1,849 before pulling back slightly. However, bearish sentiment is evident as the 100-hour SMA clears and the trend is developing on the hourly chart.

The hourly MACD indicator also turned bullish, supporting the building momentum. Analysts say that ETH needs to break above the resistance at $1,850 and $1,880 to sustain its growth.

If buyers turn these levels into support, this could open the door for an accelerated rally toward the $2,000 mark. Any additional gains over $2,000 bring the 2022 maximum of $2,200 into play.

Conversely, failure to hold the $1,750 trendline support could lead to a move lower towards $1,700 and $1,650 in the near term. Traders expect a strong defense of these levels from the bulls.

But now buyers seem to be back in control after weeks of depression. The latest increase comes as Bitcoin retraces $34,000, boosting overall crypto market sentiment.

If Ethereum bulls can build on this momentum, we could be in the early stages of a new uptrend after months of weak prices in crypto assets.