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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

Experts Expect Ethereum (ETH) To Break $2,000 Shortly, Here’s Why

Jake Simmons
Jake Simmons
2 years ago
3 mins read
Ethereum

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The price of Ethereum (ETH) is currently experiencing a strong upswing, outperforming Bitcoin, which has been able to extend its dominance on the crypto market in recent weeks. Even Bitcoin’s ongoing sideways phase does not seem to worry Ethereum investors, who managed a breakout above $1,900 today.

The psychologically important price target of $2,000 is thus within reach. Eight days before the highly anticipated Shapella update on April 12, the Ethereum chart looks extremely bullish.

Moreover, the trading month of April is statistically one of the most bullish months of the year for the crypto market. Also, ETH is getting tailwinds from the continued weakness of the US Dollar Index (DXY).

Analysts Predict Ethereum To Break Above $2,000

Jonah Van Bourg, head of trading at the crypto asset trading firm Cumberland, published a very bullish analysis on Ethereum via Twitter. As the analyst explains, ETH (unlike Bitcoin) has just broken out of its trading range, which has been in place since mid-March.

And the fact that this is happening against the backdrop of a generally bearish regulatory climate makes it even more special. Moreover, various metrics confirm the strong bullish momentum.

“Doge-themed redesign of Twitter notwithstanding, ETH gas spiked to 68 gwei yesterday – the highest we’ve seen since the Luna crisis of 2Q22 and its associated flurry of DeFi activity,” Van Bourg declared, pointing to the Shapella update as an actually bearish event.

Ethereum gas
Ethereum hourly median gas price | Source: Twitter @CumberlandSays

After more than two years, numerous holders will be able to access their staked ETH for the first time, theoretically making large amounts of out-of-the-money ETH units liquid and available for sale. “That said, the exit queue is empty,” Van Bourg noted.

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Ethereum’s (ETH) Price Rally Set To Persist, On-Chain Data Shows

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Also bullish is that leverage in the futures market is at a minimum and robust price action suggests that positioning is low and excess longs have already been flushed.

According to the Cumberland analyst, Ethereum’s strength could also be an early indicator for an altcoin rally if the recent past repeats itself. Most recently, it has been seen time and time again how the initial BTC strength spilled over to ETH and then to altcoins.

Thus, all eyes are on ETH at the moment – a solid retracement would represent an important leading indicator and potentially herald a lucrative trading environment.

Cup & Handle Pattern Signals Buying Opportunity

Aksel Kibar, a chartered market technician (CMT) has tweeted that ETH/USD could be two days ahead of the BTC/USD trading pair, according to the bullish flag chart pattern breakout that ETH has is forming, while Bitcoin is trailing.

Related Reading

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Bitcoin And Ethereum Correlation At A Staggering 97%, BTC Rally Incoming?

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At the same time, Ethereum has also formed a Cup & Handle pattern over four months on the 1-day chart, as Kibar notes. As the name suggests, the chart pattern resembles a cup with a handle, with the cup shaped like a “U” and the handle drifting slightly downward.

Ethereum cup & handle pattern
Ethereum cup & handle pattern | Source: Twitter @TechCharts

The pattern is considered a bullish signal that extends an uptrend and is usually seen as a buying opportunity.

At press time, the Ethereum (ETH) price stood at $1,912, up 5% in the last 24 hours.

Ethereum price
ETH price targets $2,000, 1-day chart | Source: ETHUSD on TradingView.com
Featured image from iStock, chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

Read more

His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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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.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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