Advertise
Sohrab Khawas
Sohrab Khawas
Author
Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Sep 29, 2023 06:54 UTC
-
ETH Price Analysis: Ethereum Eyes $2000 With A Channel Break!
Ethereum recovery rally within the falling channel leads to a bullish breakout.
The breakout rally faces opposition from the 50-day EMA.
The breakout rally shows the potential to reach the $2,000 mark.
With Bitcoin finding a fresh breeze of bullish momentum, Ethereum takes the scenic route to the exit of the bear trend. The ETH price breaks above the falling channel by making a bullish reversal to abruptly end the negative cycle.
However, the uptrend will have to face multiple supply spots filling the Ethereum daily chart before reclaiming the $2000 mark.
Looking at the larger trend, most ETH price trend remains in a correction phase after sharp bullish moves. The recent correction trend took the shape of a falling channel pattern, accounting for a 23% drop at maximum.
However, with the market-wide recovery, Ethereum takes a bullish reversal to exit the falling channel with a 3.49% jump. The sharp jump forms a bullish engulfing candle and hints at a rounding bottom reversal.
Currently, the ETH price trades at $1657 with an intraday growth of 0.25% and struggles to prolong the bullish move. Moreover, the uptrend faces opposition from the 50-day EMA and might give a breakout entry shortly.
Moreover, the uptrend beyond the 50-day EMA will increase the probability of a golden crossover in the Ethereum price chart.
Technical indicators:
RSI indicator: The daily RSI line spikes above the halfway line and reflects the improvement in the underlying bullish pressure.
MACD indicator: The MACD and signal lines avoid a bearish crossover, and the bullish histograms resurface.
Therefore, the momentum indicators maintain a positive viewpoint for the future ETH price trend.
Will ETH Price Cross $2000?
With the channel breakout and the market-wide recovery, the uptrend is set for Ethereum in the coming days. The breakout rally can fuel the ETH price higher to the $2000 mark next month, and the 50-day EMA breakout will be an excellent entry spot.
Conversely, if things go south for Bitcoin ETF, Ethereum prices may suffer a ripple move and plunge to $1600.
Yes 
No 
