This week, Ethereum (ETH) has achieved a significant rebound. The currency has finally topped $1900 and may still rise further to test $2000.

But can the bulls keep the momentum going? It appears that they won’t be able to do so for a long time. Here are some of the major takeaways:

  • The price of Ethereum has increased by 7% in the past 24 hours.
  • Ethereum’s (ETH) price surged to a new all-time high of $2,151 on May 10.
  • The digital asset then slid sharply and is currently trading around $1,880.
  • The coin is building the price above $1900.
  • ETH/USD pair could revisit the recent highs in the near term.
  • In the days ahead, a firm push toward $2000 is plausible.
Data Source: Tradingview

Ethereum’s recovery and boundaries

The fact that ETH has already reached $1900 is a positive indicator. It implies that the decline we witnessed last week has been reversed or at the very least halted for now. If the coin can close the day higher than this price, you should anticipate an impressive rise in value.

The next target for buyers would be $2000 and if they can overcome this psychological hurdle. We could see a move toward $2,500 shortly.

On the other hand, if Ethereum slides below the current support at $1850, it might retest the previous lows around $1600. Therefore, the digital asset is currently in a make-or-break situation and the direction it takes in the next few hours will be crucial.

We believe that major resistance is currently at $2000. However, we anticipate bulls to have sufficient strength in their arsenal to break through.

When the coin passes the $2000 mark, it will set off a strong demand that will drive it toward approximately $2300. This will be a 21% jump from where things stand presently.

However, if ETH fails to hold $1900, we may see more selling. At worst, ETH will most likely fall to $1700, where it has demonstrated strong support in recent days.

We are also seeing a commensurate increase in large account buys of ETH. This is an indication that the long-term prospects for the cryptocurrency are good.

Ethereum (ETH) returned to $1900 on February 8, after a week-long consolidation period below this level. While ETH managed to hold above $1700 during this time, it failed to break out above $1900.

How might Ethereum develop in the year?

It is unlikely that Ethereum will hit the $10,000 price that we all expected at the start of the year. But the coin still has so much left to give.

The current market capitalization of Ethereum stands at around $200 billion. This is still a long way off the $1 trillion that some analysts believe it could reach in the future.

Ethereum has been one of the best-performing cryptocurrencies in 2022 so far. After starting the year at $730, ETH has rallied over 160% to hit a new all-time high of $1900 on February 8.

The key driver behind Ethereum’s recent rally has been the increasing interest from institutional investors. The growing adoption of Ethereum by major companies has helped to drive up demand for the cryptocurrency.

Right now, conservative expectations suggest that ETH will hit $6000 by the end of the year. This would be a threefold increase. However, some experts believe that Ethereum may surge to as much as $10,000 or even $20,000 by the end of 2022.

Ethereum’s price has been on a tear in the past few days, rising from $1600 to $1900. The question now is whether or not the world’s second-largest cryptocurrency by market capitalization can sustain this momentum.

All in all, Ethereum looks poised to continue its upward trend in the days and weeks ahead.

Avatar
James Atkins

I have been writing copy for blockchain-related projects since 2017. I understand the importance of being able to communicate clearly and effectively with both technical and non-technical audiences. By leveraging my understanding of the crypto industry trends, I can help increase adoption in this rapidly evolving landscape.