Ethereum, the second-largest cryptocurrency by market capitalization, has recently broken out of a symmetrical triangle pattern on the daily chart, signaling a potential bullish trend. However, the price faced strong resistance at the 200-day simple moving average (SMA), which is currently around $1,670. The price has retraced slightly and is now trading near $1,650, which is a short-term support level. If the price can hold above this level, it may resume its upward momentum and challenge the $2,000 resistance zone, which is also the upper boundary of a descending channel that has been forming since May. A successful break above this level could open the doors for more gains towards $2,500 and beyond. On the other hand, if the price fails to stay above $1,650, it may slide back into the triangle and test the lower boundary at $1,500. A break below this level could trigger a bearish reversal and send the price towards $1,200 and lower. The technical indicators are mixed, with some showing bullish signs and others showing neutral or bearish signals. The relative strength index (RSI) is above 50, indicating some bullish momentum. The stochastic oscillator is also in the overbought zone, suggesting that the price may be due for a correction. The moving average convergence divergence (MACD) is positive, but the histogram is decreasing, indicating a loss of bullish strength. The average directional index (ADX) is below 25, indicating a lack of clear trend direction. The price analysis is based on the information from TradingView and Coingabbar.