ETH takes off for 12% upswing eyeing $2,000
Ethereum spikes above a descending triangle pattern, hinting at a breakout to $2,000.
Ether must hold above the 50 SMA and $1,800 to secure the uptrend.
Ethereum held firmly to the support at $1,700, halting the correction from last week’s high of around $1,940. The buyer congestion at this zone called off the bearish leg, eyeing lower levels toward $1,400.
A rebound occurred with Ether bulls focusing on gains above $2,000. The formation of a descending triangle has accentuated the bullish reversal. The pattern is mainly bearish, but there are instances where a bullish impulse comes into the picture.
A breakout above the upper trendline has bolstered Ethereum above $1,800. All eyes are glued on $2,000; the triangle has a 12% precise target, measured from the highest to the lowest point.
In the meantime, Ethereum is trading at $1,830 while bulls struggle to focus on gains toward $2,000. The immediate support provides by the 50 Simple Moving Average (SMA) must hold to secure the uptrend and ensure market stability.
The Moving Average Convergence Divergence (MACD) reinforces the bullish outlook on the 4-hour chart. This indicator follows the price of an asset and measures its momentum. It flips bulls when the MACD line (blue) crosses above the midline. The trend is generally bullish when the MACD breaks above the mean line from the negative region.
It is worth mentioning that Ethereum will fail to achieve the target at $2,000 if the 50 SMA fails to hold in the short-term. Massive losses will come into the picture as soon as the price slice under $1,800. On the downside, support is envisioned at $1,700 and the 100 Simple Moving Average.
