ETH Price Up - Is $2K the next target?

The Ethereum (ETH) price recovery has stalled at $1730 resistance and formed a minor consolidation with $1600 support. The rising price channel has narrow slope but is still bullish in its approach. The bullish pattern would continue to move as traders progress into the next week. The immediate resistance up ahead would be $1,900 where the sellers can pressurize the pair lower as per Ethereum price analysis.

 

However, the long-rejection candles observed at this resistance last weekend and the presence of 100-day EMA at the same level form a formidable barrier. Therefore, the buyers need strong bullish momentum to surpass this $1730 mark.

 

Thus, if buyers failed to do so, a possible reversal and breakdown below the 20-day EMA would signal a significant correction in Ethereum (ETH) price.

 

On the daily price chart, the sideways movement can be termed choppy with a mildly bullish bias. At the same time, the signal line of the RSI indicator did not reach the overbought zone, which indicates that the upside potential has not yet been exhausted. If the bulls make a comeback with massive volumes, there can be a swift move beyond the $1,800 level. As reflected in previous Ethereum price analysis, the higher highs are certainly a welcome positive pattern on the charts.

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