Ethereum Blasts Past $2,000 as Bulls Eye Next Target

Ethereum (ETH) has seen a significant rally in recent weeks, with prices reaching a 55-day high of $1,980. This marks a 30% gain over the past 30 days, and many are wondering if $2,000 is next.

The chart shows a clear three-phase structure: the base phase, where ETH traded sideways between $1,540 and $1,600; the breakout phase, where it cleared $1,600 on July 1 and never looked back; and the grind higher phase, where it built a $1,800 to $1,935 range and tested the top twice.

The RSI (Relative Strength Index) is currently at 72.08, which some may see as overbought territory. However, context matters here: RSI above 70 in a downtrend is a sell signal, but in a confirmed uptrend like this one, it's a momentum confirmation.

The chart shows three upside targets for Ethereum: $2,000, the obvious round number; $2,070, the measured move based on the July consolidation; and $2,150 to $2,200, where ETH runs back into supply left behind from the late-May and early-June breakdown.

The downside risk is also clear, with three lines of defence: $1,900, the immediate breakout retest; $1,845 to $1,850, the most recent higher low; and $1,800, the structural line that defines whether the entire July trend is still alive.