Is Ethereum Poised to Break $2K Following a 10% Weekly Increase? (A Price Analysis of ETH)

After a significant surge, Ethereum is nearing a crucial resistance zone around $1.8K, suggesting a short-term corrective consolidation might be on the cards before a bullish continuation. The surge was driven by strong buying pressure at the important $1.5K support level, creating a fair value gap and indicating smart money on the buyers' side.

However, the $1.8K region represents a formidable barrier, likely leading to a temporary consolidation phase, possibly followed by a minor correction. If the resistance is breached, the next critical level is likely to be $2.2K. On the lower timeframe, a bearish divergence between the price and the RSI indicator implies a short-term corrective move or extended consolidation before any further bullish breakout.

Market analysis suggests Ethereum’s price action shows growing strength and if momentum continues, it could spark a cascade of short liquidations, propelling Ethereum rapidly towards the next critical resistance zone near $2.5K.