Home News Ethereum is BACK above $1,600! Will Ethereum reach $2,000 soon?

Ethereum is BACK above $1,600! Will Ethereum reach $2,000 soon?

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Ethereum prices made a very strong comeback last week. This happened as Ethereum’s merge became one step closer to reality. However, the market adjusted and sent ETH prices down to $1,400. Today, crypto enthusiasts woke up to crypto prices soaring high. The crypto market gained more than 8% in the past 24 hours, as Ethereum gained more than 10%! Will Ethereum reach 2000 $ soon again? Let’s analyze 😉

What is Ethereum Crypto?

Ethereum is the brainchild of Vitalik Buterin and the unofficial number 2 behind Bitcoin. Launched in 2013, this blockchain supports smart contracts, giving ETH the nickname “Programmable money“. Any person with a computer can launch his own smart contract on the platform, leading to a very dynamic and innovative environment. This blockchain has attracted a lot of attention back in 2021 by leading the booming DeFi scene, which is based on the network’s smart contracts.

On the other hand, there are many issues that dominate the crypto scene around Ethereum. Scalability and efficiency are two of the main reasons why Ethereum is suffering. The network is still using the Proof-of-Work mechanism, fees are still high and the process of mining is not energy efficient. However, this is all due to change once Ethereum gets its upcoming updates.

Ethereum

Ethereum is UP by more than 10% – What Happened?

As explained in a previous article, Ethereum has a strong resistance in place around the price of $1,640. We expected prices to dip as a first target towards the price of $1,400. This is exactly what happened. However, prices did not continue on their lower downtrend and retraced from that price area. We can conclude that the $1,400 is now a strong support area for prices.

Interestingly, ETH prices pumped right after hitting that target all the way back towards the resistance price of $1,640. It seems like investors entered the market again as the Ethereum software is getting its upgrade.

ETH/USD 12-hours chart showing the pump in ETH price
Fig.1 ETH/USD 12-hours chart showing the pump in ETH price – GoCharting

Ethereum Price Prediction – Will Ethereum reach 2000 $?

Now that the crypto market is back up, it is very likely that Ethereum will break its resistance of $1,640. If this does occur, we should see ETH price soar towards a price of around $1,850. This new area represents a very important area for Ether and we expect prices to consolidate between $1,750 and $1,950.

Once this happens, it will be a matter of days before Ethereum reach 2000 $. However, if Ether fails to break the resistance of $1,640, we expect prices to slightly retrace lower back to previous price areas.

ETH/USD 12-hours chart showing the potential uptrend of ETH
Fig.2 ETH/USD 12-hours chart showing the potential uptrend of ETH – GoCharting


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