Ethereum Surges Above $1.9K, Eyeing Next Key Resistance at $2K

Ethereum (ETH) has broken above $1.9K and is holding steady in this range, with a daily volume of $4.58 billion.

The largest altcoin's price has also held above the $1,750 low and the nine-month downtrend for over a month, indicating a long and drawn-out bottoming process.

This process is characterized by a symmetrical triangle on the daily chart, with ETH moving sideways around the 50 EMA for nearly 30 days. This has built pressure as the range tightens, making an eventual breakout more explosive.

The asset recently consolidated between $1,865 and $1,892 before breaking above the upper resistance, confirming a rectangle breakout in motion.