Ethereum Price Analysis: Bulls Eye $2,000 Amid Accumulation Surge

Ethereum accumulation addresses have seen a spike, buying over 1.11 million ETH in a week. The price trades around $1,760, facing resistance at $1,800. Exchange inflows signal selling pressure while net taker volume suggests seller exhaustion. A bullish trend line has formed, with key support above $1,720 and a potential for a move towards $2,000 if certain resistance levels are overcome.

As Ethereum (ETH) continues its volatile journey, traders are eyeing a $2,000 target amid signs of a bullish trend. This week, accumulation addresses—wallets that typically don’t spend funds—have purchased over 1.11 million ETH, indicating an upswing in investor confidence. Currently, the price of ETH hovers around $1,760, experiencing resistance near $1,800 and the 50-day simple moving average (SMA).

On Thursday, Ethereum saw a significant net inflow of approximately 178,900 ETH (valued around $317 million) filtered onto exchanges. Such moves typically hint at increased selling pressure as traders cash in on their assets. The price dipped below $1,750 but regained some ground shortly thereafter. Notably though, many selling actions occurred as short-term traders reacted to rising prices, perhaps indicating rising concerns from those looking to recoup their positions.

Interestingly, net taker volume has been on a downward trend since January, suggesting that sellers may be losing strength. Although short positions have been prevalent in ETH futures recently, this trend towards lower net taker volume potentially hints at buyer exhaustion, raising hopes that the recent low of $1,473 could mark a turning point.

From a technical standpoint, the $1,800 mark has proved challenging, as it’s aligned with that 50-day SMA that many traders watch closely. In the past 24 hours, futures liquidations have resulted in $40.22 million wiped out, primarily tied to long positions during this turbulent period. On the hourly chart, ETH has formed a bullish trend line, maintaining support above $1,720, thus, showing some resilience.

If ETH can establish a bounce from the support level around $1,688, it may attempt to retest that crucial $1,800 resistance, with aspirations to breach the top of a descending channel pattern. A successful breakout could spur ETH towards the coveted $2,000 level, possibly breaking past the resistance range of $2,100 to $2,200. However, if it fails to hold above $1,688, it might lead Ethereum to seek support at a critical descending trend line.

Currently, the technical indicators are painting a somewhat mixed picture. The Stochastic Oscillator has dipped from an overbought position, while the Relative Strength Index stays above neutral territory. Meanwhile, the Awesome Oscillator’s histogram bars are trailing below its neutral line, indicating that momentum may not be solid.

Furthermore, Ethereum’s upcoming 10th anniversary on July 30 is generating buzz, with the Ethereum Foundation organizing global meetups and a live stream to celebrate this milestone. For traders, immediate resistance remains at $1,820, followed by $1,840 and then $1,880. Overcoming these barriers may lead to aspirations for $1,920 or even that much-discussed $2,000 target. Conversely, support levels lurking at $1,780, $1,740, and $1,700 should not be neglected, as breaking below these could draw ETH down to $1,665 or even $1,620 in the near horizon.

For now, the market is abuzz as ETH consolidates post its recent price actions, with traders on edge for a clear decisive movement going either way.