On the days when Bitcoin went above $24,000, we saw Ethereum rise above $1700.
With the partial pullback in Bitcoin, Ethereum also fell below $1700. However, the second largest cryptocurrency remains strong, staying above $1600.
Bitcoin saw a 48% increase from the start of the year, while Ethereum saw a 45% increase.
While investors are waiting for a move towards $2000 in Ethereum in the scenario where Bitcoin stays above $20,000, an ETH data came from its analyst Ali Martinez.
According to IntoTheBlock data, there is serious demand for ETH between $1600 and $1650.
The analyst’s assessment is as follows:
“Note that the $1600 and $1650 range is an important support area.
On-chain data shows that 1.94 million addresses bought 8 million ETH between $1,600 and $1,650. As long as this demand wall continues, there will be a good chance for ETH to rise even higher.”
ETH continues to trade at around $1630 as investors wonder if $2000 will be tested before the Shanghai boost in Ethereum, which is expected to take place in mid-March.
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