Ethereum Rises High Ahead of Shanghai Hard Fork-Look Out for Pivotal Levels Before Sweeping $2000
Ethereum price soars high following the trend of the star crypto, achieving levels above $1800 for the first time in the past 9 months
The token is believed to undergo a retracement after reaching significant levels which may pave the way to bounce back toward $2000
Ethereum price has become the talk of the town as the crypto has managed to secure the highest levels since August 2022 and also indicating its preparedness to reach beyond $2000 in the coming days. The leader of DeFi space has been maintaining a steady rise since the start of 2023 by rising over 54% which also includes a recovery of 32% in the past few days.
While the price currently appears to be under a bullish influence, a retest is much required to sweep highs beyond $2000. After maintaining a stagnant trend between the pre-determined levels, the ETH is making larger price movements since the beginning of the year 2023. Presently, the price has been maintaining above the support at $1383 for more than 45 days and the sudden spike to $1800 may surely exhaust the bulls.
Hence, a popular crypto analyst, Micheal van de Poppe predicts a pullback to $1680 to $1725 levels before rising beyond $2000.
“Ethereum looks the same.
Great retest around $1610, was hoping for lower numbers (couldn’t hit).
Resistance ar $1850, and then probably pullback to $1680 – $1725 before we’ll continue to $2000 sweep,”
Collectively, the Ethereum price continues to remain under the bullish influence even if the bears trigger a minor pullback. Moreover, the Shanghai hard fork is fast approaching which may induce strength within the bulls who may trigger a rebound in case the price drops. Therefore, sooner or later, the ETH price may reach beyond $2000.