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After Bitcoin’s Surge to $23K, Can Ethereum (ETH) Price Hit $2000

After Bitcoin’s Surge to K, Can Ethereum (ETH) Price Hit 00

After Bitcoin’s Surge to $23K, Can Ethereum (ETH) Price Hit $2000

The price of Ethereum (ETH) has risen dramatically over the last three weeks. Despite the appearance of a few bearish indicators on lower timeframe levels, bulls have maintained their lead. However, according to recent expert analysis, the price appears to indicate a trend exhaustion that may be underway.

Ethereum (ETH) Price Surge

Since the beginning of 2023, the price of Ethereum has increased by 38% and is currently trading in the $1,650 range. Because of this massive increase, new all-time highs were set on January 13 and 20. Moreover, despite the fact that there is a clear theoretical prognosis for the Ethereum price to reverse, there is a possibility of a liquidity run, which could result in a third higher high.

This has been echoed by industry veterans such as Michael van de Poppe, a prominent crypto analyst, who believes that ETH can continue to rise towards $1,700-1,730 before being rejected. Previously, when the ETH price fell, Michael stated that those drops were the “best options before the relief rally occurs.”

In this scenario, bulls have a chance to make a comeback if they can drive the momentum signal to create a higher high at the same time. If buyers are unable to achieve this, investors should expect a moderate trend reversal. In order to generate momentum against buyers, the bears must push prices below $1,568—a level that serves as a support for longer time frames. If the $1,568 support level is breached and turned into a resistance level, it will allow sellers to push the price of Ethereum down to the $1,417, $1,331, and $1,227 support levels.

Will Ethereum surpass $2,000?

On the other hand, few experts believe that Ethereum’s uptrend is far from over. In order to gather liquidity above $1,650, ETH bulls must stage a rebound in order to force the Relative Strength Index (RSI) to create another higher high in the overbought area. Experts believe that if the $1,820 barrier is breached, it will serve as a support floor for Ethereum’s pricing. Simultaneously, if the RSI supports this upward climb, the bearish argument will be refuted, and a similar development would cause ETH to retest the psychological level of $2,000 as well.

At the time of writing, the price of Ethereum (ETH) is $1,661. According to CoinGape’s crypto market tracker, this represents a 6% increase in the last 24 hours, compared to a 9% increase in the previous seven days.

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