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.
