Will Ethereum's Price Rise to $2000 in the Upcoming Week?

The second half of August saw a significant decline in the price of Ethereum as the market as a whole corrected.
However, the altcoin found a solid foundation near the $1400 support level and resumed the current recovery. If the Merge event has no negative effects, the coin price should progressively surpass $2000 under the influence of the cup and handle pattern.

At $1800 resistance, the price rebound of Ethereum slows.  With a current value of 45%, the Ethereum Fear and Greed Index has ascended to the middle of the spectrum. The $12 billion intraday trading volume for Ethereum indicates a loss of 12.4%.

Anyhow, a large event of this nature typically results in strong market volatility and may find an easy upsurge to ride if things go well. Additionally, Vitalik Buterin, a co-founder of Ethereum, cautioned in an interview that it might take six to eight months for The Merge to affect the price.

Additionally, a daily candlestick close of $1800 will complete the cup and handle pattern formation and quicken the bullish momentum. This bullish pattern frequently appears at the market bottom and starts a rally in one direction. The bullish breakout should therefore drive the price of Ethereum 13% higher and encourage traders to surpass the $2000 neckline resistance.

Technical indicator-

OBV signal: An increase in this momentum indicator encourages the rally to continue and break through the $1800 level.

Relative Strength Index: The daily-RSI slope increased significantly since the peak on August 25th, suggesting that the market sentiment is still improving.

EMAs: The 20- and 50-day EMAs, which traditionally have served as great dynamic resistance or support, were breached during the most recent bull run. Therefore, the coin price trading above them will help buyers keep the recovery rally going.

Resistance level- $1800 and $2000