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April 21, 2024
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Ethereum Breaks Above Its Crucial Resistance Level! Here’s How High ETH Price Can Go

The post Ethereum Breaks Above Its Crucial Resistance Level! Here’s How High ETH Price Can Go appeared first on Coinpedia Fintech News

Ethereum has been making headlines recently, and for a good reason. The popular cryptocurrency has broken above its crucial monthly resistance level, leaving traders and investors hoping for a new bull run. The timing couldn’t be better, as Ethereum’s upcoming Shapella upgrade is also generating significant hype among the crypto community. As a result, prominent market experts predict that a potential bull run for the ETH price is on the horizon. 

Ethereum Gains Spotlight Following Bitcoin’s Pullback

The recent pullback of Bitcoin and the growing popularity of the “alt season narrative” have led to a renewed focus on Layer 1 coins in the crypto ecosystem, with Ethereum leading the pack. For the last few hours, ETH price has displayed impressive gains, witnessing a spike in demand and buying pressure. 

Although the Ethereum (ETH) price has remained stagnant in the past week, the platform’s developers are busy preparing for the upcoming Shapella upgrade. Despite growing media FUD, Ethereum’s on-chain fundamentals remain strong, indicating potential for future growth.

The sustained demand for Ethereum (ETH) due to growing network usage and whale accumulation has placed Ethereum well as the upcoming network upgrade approaches. This is a positive development for ETH, as it could approach the upgrade with a strong market position.

ETH Price To Approach $2,000 Soon

According to Miles Deutscher, a prominent crypto analyst on Twitter, Ethereum is currently making an attempt to break out on the ETH/BTC chart. Deutscher sees this as the start of a capital rotation into Ethereum as investors and traders position themselves ahead of the highly anticipated Shanghai upgrade, scheduled to take place on April 12th.

After experiencing some sideways price action, the price of Ethereum (ETH) rose above $1,800 on April 3rd, providing holders with nearly 4% gains since Monday. As of now, ETH is trading at $1,870.

Analyzing the daily price chart, a key resistance level to keep an eye on for Ethereum (ETH) is $1,900. If buyers can successfully push past this hurdle, the ETH/USDT pair is expected to gain significant momentum. Although the $2,000 level may provide strong resistance, it is likely to be surpassed, potentially driving Ethereum to rally toward $2,200. However, the bears may pose strong selling pressure at this level.

On the bearish territory, if the ETH price drops below EMA-20, it may experience another negative momentum. A drop below $1,670 will send the token to trade near the monthly support level of $1,450. 

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