Ethereum looks to retake $2K days before London hard fork — Big breakout ahead?

Ether (ETH) prices reclaimed $2,000 on Monday, increasing expectations that the latest rebound would served as a cue for further upside moves based on bullish fundamental and technical outlooks.

The world’s second-largest cryptocurrency (by market cap) surged up to 4.96% to $2,083 ahead of the London opening bell. Its gains appeared as a part of an overall upside correction that started late Saturday. At that time, bids for ETH/USD had fallen to as low as $1,717.41.

On Sunday, the pair closed the session at $1,984.71, following it up another spike above $2,000 on Monday, a level that traders consider backstop for further bullish momentum in the Ethereum market.

“Ethereum targets $2,045 first,” noted Twitter-based independent market analyst Research 25/7, adding that the cryptocurrency is now surfing on the “recovery wave.”

“After the dip, ETH is in consolidation and looks ready for the break higher With the only pivot in the way, the triple top around $2,045 is set as the next price target.”

ETH short-term outlook snapped around 0400 GMT. Source: TradingView.com, Research 24/7

Market analyst Edward “Teddy” Cleps also highlighted a bullish scenario for Ether as he referred to his custom-made “secret EMA cloud.” The analyst refers to the said exponential moving average indicator periodically to identify potential entry and exit levels in a trade.

Last week, ETH had slipped below the EMA cloud’s lowermost wave support. This week, the cryptocurrency reclaimed it, prompting Cleps to predict an extended upside momentum.

Bitcoin correlation

Ether prices pushed higher also as it maintained its positive correlation with Bitcoin.

Bulls took encouragement from Bitcoin’s ability to sustain its upside bias above a closely-watched support level of $30,000. The flagship cryptocurrency climbed to an intraday high of $35,301 ahead of the London session Monday….

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