Ethereum Price Eyes Breakout Above $2,000

Ethereum's (ETH) price has been showing signs of a possible recovery after holding an important demand zone, and a bullish technical setup on its monthly chart is drawing attention.

The cryptocurrency recently generated two monthly TD Sequential Buy signals, Black 9 and S13, indicating that the bearish trend may have slowed down. Analyst Ali Charts noted that these buy signals occurred due to Ethereum's weakness.

Ethereum has repeatedly defended the $1,800-$1,850 demand zone, where buyers stepped in during previous declines. The current market structure provides some support for the bullish case, but the price still faces a major test between $1,980 and $2,000.

If Ethereum successfully breaks through this resistance level, it could first expose the $2,100 area, which represents the next major upside target in the current setup. Some recent technical analysis has identified the $1,930-$2,000 area as the key resistance band that needs to be cleared before a broader advance can develop.

The Ethereum price still faces significant challenges, and its market capitalization remains at approximately $231.76 billion, making up about 10.49% of the total cryptocurrency market.