#ETHBreaks2k Ethereum Breaks $2k! Will ETH Price Hit $2,500 or Drop to $1,950?

Ethereum’s price has successfully regained momentum with a jump of over 7%. This has resulted in the largest altcoin by market cap reclaiming its important $2,000 price mark.

ETH Price Forms An Inverted Flag Pattern!

After trading under a bearish influence for the last eight days, the price of ETH has successfully reclaimed its crucial milestone. However, ETH has now formed a failed inverted flag pattern in the daily time frame, indicating a potential reversal. A failed inverted flag pattern ideally refers to a strong positive influence in the market.

The Moving Average Convergence Divergence (MACD) shows a steady rise in its green histogram. On the other hand, the EMA 12 & 26-day records a bullish convergence in the 1D time frame.

The Simple Moving Average (SMA) is on the path of achieving a positive crossover in the Ethereum price chart. This focuses on the fact that the largest altcoin may gain momentum only if the bulls manage to break out of a potential bear trap