Ethereum continues the uptrend: Is it an open road for $2K?

Ethereum is the leading cryptocurrency in the industry, and it became even more popular after the Merge upgrade in 2022. Ethereum is a sustainable and eco-friendly cryptocurrency. That is why many investors are curious about the future potential of ETH.

At the time of writing this post, ETH was trading around $1631, forming higher highs in the short term. The candlesticks are forming in the upper Bollinger Bands with positive RSI and MACD, suggesting an uptrend towards the resistance of $2000. After that, it may retrace back to the level of $1600 and consolidate within the range.

Based on the technical indicators and price action, we think it is an ideal time to invest in Ethereum for the short term. If Ethereum breaks the support, it may retest the level of $1200.

On the weekly timeframe, Ethereum is bullish because it has formed three weekly green candles, but we cannot regard it as long-term bullish until it crosses the level of $2500. Indeed, candlesticks are forming in the upper Bollinger Bands, but it may come down to $1000 in the next few months if ETH does not break the resistance. Know when ETH will break the resistance mentioned above by clicking here!

Technical indicators on the long-term chart suggest the price of ETH will consolidate within the range of $1000 and $2000, so it is not an ideal time to invest for the long term. You need to wait for a few weeks to analyze the price action. You can accumulate more ETH in your portfolio if the price comes down to the baseline level.

Many experts suggest a volatile year ahead, so Ethereum price will be volatile, and you may get an opportunity to buy ETH at a lower price than $1000. Based on the current pattern, you can invest for the short term.

Source