Ethereum Price Forecast: 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.
ETH/USD 4-hour chart
Read more
ETC/USD price chart by TradingviewIt 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 …
Story continues on CoinGape

Related posts
art.ioBeepleBeeple SalesBitcoin.comChristie'sChristie's AuctionDigital ArtDigital ArtistMax MooreNewsNFTNFT salesNFTsNon-fungible TokenPakSotheby'sSotheby’s Auction HouseSotheby’s Auctions

World’s Fourth Oldest Auction House Sotheby’s Joins the NFT Ecosystem With a Mysterious Artist

Following the $69 million non-fungible token (NFT) digital art auction at the world-famous auction house Christie’s, the British-founded American multinational corporation Sotheby’s is joining the NFT hype. Sotheby’s is partnering with a popular digital artist dubbed “Pak” for the NFT…

Bitcoin Price Prediction: BTC closes the gap to $60,000 as correction lingers

Bitcoin breaks out of a falling wedge but runs out of steam before tackling $60,000. A death cross pattern on the 4-hour chart hints at increasing selling pressure in the near-term. Bitcoin embraced support at $54,500 during the recent dive…
BitcoinBTC Trading ViewNewsNews 1Trading View

Major firms to announce game-changing Bitcoin ‘milestones next week'

As Bitcoin surges in price and popularity, many institutions are trying to meet client demand for the asset by incorporating the crypto in various ways. For instance, earlier today a major investment The post Major firms to announce game-changing Bitcoin…