Ethereum (ETH) price is currently experiencing a strong uptrend. It outperforms Bitcoin, which has managed to expand its dominance in the crypto market in recent weeks. Even the continued sideways course of Bitcoin does not seem to worry Ethereum investors, who managed to climb above $ 1,900 today.
The psychologically important $2,000 price target is thus achievable. Eight days before the highly anticipated Shapella update on April 12, the Ethereum chart looks extremely bullish.
Moreover, April is statistically one of the busiest months of the year for the crypto market. ETH is also gaining support from the continued weakness of the US Dollar Index (DXY).
Analysts Predict Ethereum To Hit Above $2,000
Crypto Jonah Van Bourg, head of trading at asset trading firm Cumberland, posted a highly bullish analysis on Ethereum on Twitter. As the analyst explained, ETH (unlike Bitcoin) has just emerged from the trading range it has been in since mid-March.
And the fact that it’s happening against the backdrop of a generally bearish regulatory climate makes it even more special. Moreover, various measurements confirm the strong bullish momentum.
“Despite Twitter’s dog-themed redesign, the ETH gas fee rose to 68 gwei yesterday – the highest we’ve seen since the Luna crisis in 2Q22 and the associated flurry of DeFi activity,” said Van Bourg, adding that the Shapella update is actually a bearish event. pointed to it.
NEWS CONTINUES BELOW
More than two years later, large numbers of holders will be able to access their first staked ETH, theoretically making large volumes of non-monetary ETH liquid and ready for sale.
In addition, the minimal leverage and strong price movements in the futures market indicate that positioning is low and that overly long positions have already been cleared.
According to the Cumberland analyst, Ethereum’s strength will be a smash if the recent past repeats itself. altcoin It could also be an early indication for a rally. Recently, it has been repeatedly seen how the initial strength of BTC spreads to ETH and then to altcoins.
So, all eyes are on ETH right now, a solid pullback would represent an important leading indicator and herald a potentially lucrative trading environment.
Cup and Handle Formation Indicates Buying Opportunity
Koinfinans.com As we reported, sworn market technician (CMT) Aksel Kibar tweeted that ETH/USD could be two days ahead of BTC/USD trading pair, according to the breaking of the bullish flag chart formation created by ETH while following Bitcoin.
At the same time, Ethereum formed a Cup and Handle pattern for four months on the 1-day chart, as Kibar noted. As the name suggests, the graphic formation resembles a mug with a handle; The cup is “U” shaped and the handle slides down slightly.
This pattern is considered a bullish signal expanding the uptrend and is often viewed as a buying opportunity.
At the time of writing, Ethereum (ETH) price has reached $1,912, up 5% in the last 24 hours.
