Over the past week, ETH has risen over 33% and surpassed the $1600 mark, breaking several resistance zones along the way. As ETH continues to gain strength, the $2k resistance is in its sights. But will the bullish momentum carry ETH to this key level?
* *Though the market appears to be bottoming and sentiment reversing, fundamentals have not yet picked up. Eth network usage remains low, and fees have only burned \~17% of emissions over the past week. This value is consistent with the lows we have seen throughout the bear market. Ethereum does, however, appear to be leading the market recovery as the merge is the leading narrative in crypto right now. With the tentative date of September 19 less than two months away, we could see this narrative continue to drive market recovery through the end of the summer.*
ETH looks bullish on the 4H and Weekly, but set for consolidation on the daily. ETH looks incredibly strong in the long term, as bullish TA and a market-leading narrative set the stage for a strong market recovery. We could, however, see a pullback in the medium term – to confirm support zones and shake out overconfident longs.
Let’s take a look at the [charts](https://t.me/midas_announcements/738) and see what comes next for ETH.
* $1.2k (weekly 200 SMA)
* $1.4k (4H 50SMA)
* $1.7k (local)
* $2.25k (major)