Ethereum Poised To Breach $2,000 Ceiling In Coming Months – Here’s Why

Christian Encila

2 years ago

3 mins read

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The second biggest cryptocurrency, Ethereum, has been generating buzz in the past few days as the market rebounded. At the time of writing, the global cryptocurrency market is up 2%, according to CoinGecko’s latest data. This has presented a bullish signal for investors, which is certainly the reason for Ethereum’s recent price ascent.

The latest market data shows ETH pumping nearly 3% since last week. Although its rise is slightly slower than that of Bitcoin, this is a positive sign for investors in the long run. Ethereum’s upcoming Shanghai network upgrade is also expected to solidify the altcoin’s position in investor portfolios.

Source: Coingecko

Short Positions Blasted As Bulls Charge Through

Following the general market’s upward trend, Ethereum has left the bears with a beating, leading to a significant amount of short positions being liquidated. CoinGlass data shows that over $26 million worth of short positions were liquidated in the past 24 hours. The website also shows that the bulls have a slight advantage against the bears as sentiment flipped in their favor.

This isn’t the only bullish signal for investors, as US equities have been experiencing a bounce as well despite the recent interest rate hike introduced by the US Federal Reserve. This can be a sign that investors are willing to take on riskier assets, such as cryptocurrencies, as their appetite for risk grows.

However, certain metrics show a bearish trend that investors should take into consideration. Nansen.ai’s recent weekly research roundup shows that addresses holding less than 100 ETH has dropped by 37% since 2022. Despite that, retail addresses with less than 1 ETH increased by nearly 20% year-to-date.

It’s happening 🎊

Shapella is scheduled on mainnet for epoch 194048, scheduled for 22:27:35 UTC on Apr. 12, 2023 📆

Client releases compatible with the upgrade are listed in the announcement below 👇https://t.co/I0hSv9lnjz

— timbeiko.eth ☀️ (@TimBeiko) March 28, 2023

Investors should take this as a sign that retail investor sentiment towards cryptocurrencies is recovering, despite the disastrous year that was 2022. Ethereum holders should also expect the altcoin to pump heavily as the Shanghai upgrade nears. Developers on the Ethereum blockchain have set the launch date at April 12th.

ETH total market cap currently at $220 billion on the daily chart at TradingView.com

At Nearly $1,800 – Can Ethereum Push Towards $2,000?

The current price movement of the altcoin is part of a bigger sideways market movement seen on the charts today. This is a sign that the bulls and bears are stuck in a deadlock. Investors should be cautious as this can be an indicator of a price drop to $1.7k.

However, if the market keeps its momentum upward, we can expect the altcoin to reach $2k in the next couple of months. Once flipped to support, $2k can be a stronger base for a higher upside as this is the support it enjoyed in June 2021 before the crypto market sustained a heavy beating in the ensuing months.

-Featured image from Glamour Instagram

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.