Ethereum Price Predicted to Reach $2K: Will it Happen Soon?

• Ethereum (ETH), the second-largest cryptocurrency by market cap, has been trading between the $1,750 and $1,850 range over the past few weeks.
• The crypto market is slowly recovering from its recent slump and ETH could target the $2k psychological level soon.
• If the current market conditions persist, ETH could test the first major resistance level at $1,921 before the end of the day.

Ethereum Price Prediction

Ether, the second-largest cryptocurrency by market cap, has been underperforming in recent weeks. The cryptocurrency has been trading between the $1,750 and $1,850 level over the past few weeks as part of a broader stagnation in digital assets. At press time, Ether stands at $1,852 after a 2% increase in 24 hours.

11-Month Highs

Ether is yet to test its 11-month high of $2141 since it reached that level following an update in Shanghai back in February 2021. If investors continue to move towards cryptocurrencies as a hedge against US debt default risk then Ether could be one of biggest winners in this situation.

Technical Indicators

The ETH/USD 4-hour chart looks bullish with technical indicators suggesting a potential rally for Ethereum soon. The MACD line is now within positive territory which means that bulls are currently dominating Ether’s market performance while 14-day RSI indicates that Ethereum may enter an overbought region if rally continues.

First Major Resistance Level

If current market conditions remain stable then Ethereum could reach its first major resistance level of $1921 before end of day today. To reach its second major resistance level at 2008 however it will need support from wider crypto markets first.

Where to Buy Ethereum Now?

Investors looking to buy Ethereum can consider eToro which offers more than 75 different cryptocurrencies to invest in along with crypto trading services through their platform.