Ethereum Rallies to $1,800 as It Approaches the $2,000 Mark

Ethereum Price Long-Term Analysis: Bearish
Ethereum’s (ETH) price has been steadily rising after breaking over the $1,750 resistance level as it approaches the $2,000 mark. Since the price drop on August 17, the bulls have been unable to break the resistance at $1,750 and extend the bullish momentum. The bulls were rejected in the previous market action at the high of $1,750.

At the time of writing, the bullish momentum had reached a high of $1,772. The $1,800 high will put the current bullish momentum to the test on the upside. Since August 8, ETH/USD‘s price has not surpassed the $1,800 high. On the upside, If the market breaks through the $1,800 resistance level, it will rise above the $1,900 high and hit the $2,000 psychological price barrier.

Ether will decrease if the bullish scenario fails.

Technical indicators:
Major Resistance Levels – $2, 600, $2,800, $3,000
Major Support Levels – $1.600, $1, 400, $1,200

Ethereum Indicator Analysis
The largest altcoin has retested the $1,750 resistance level for the third time, with price bars soaring to previous highs. When the price bars are continuously above the moving average lines, Ether will rise. Moving average lines slant in different ways but point upward.

Conclusion
The positive momentum has persisted since reaching a high of $1,799 as it approaches the $2,000 mark. ETH/USD is currently trading below the $1,800 barrier mark. The coin is trading in the market’s overbought zone. On the downside, if the recent high is rejected, Ether will fall to its price range of $1,550 to $1,750.

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