Ether (ETH), the cryptocurrency that powers the smart-contract-enabled Ethereum blockchain, has pushed back to the north of the $2,000 per token mark on Monday, extending its gains since last week’s near-$1,900 lows to above 6%.
The rally comes as the broader crypto market enjoys tailwinds on Monday from a weakening US dollar on bets the Fed’s tightening cycle is over and amid optimism about accelerated crypto adoption in South America in wake of Argentina’s election of pro-crypto/Bitcoin President Javier Milei.
Ether bulls will be looking to see whether the cryptocurrency can this weak break to the north of a short-term downtrend that has been capping its price since earlier monthly highs in the $2,100s.
With major asset managers like BlackRock and Fidelity moving to set up spot Ethereum ETFs, the Ether supply back in deflation thanks to a recent improvement in on-chain activity, and with the macro backdrop seemingly turning into more of a tailwind for crypto, Ether price predictions are likely to remain mostly bullish.
Ether price predictions turned substantially more bullish earlier this month when ETH vaulted to the north of a downtrend that had been in play since the April yearly highs.
The bulls have lost momentum in the last week and a half amid profit-taking following ETH’s failure to break above the yearly highs in the $2,100s, but should this level break in the weeks ahead, the cryptocurrency is set up for strong gains.
That’s because, above the $2,150 area, there aren’t any notable levels of resistance all the way until around $3,500.
If a crypto “Santa rally” really gets going into the end of 2023, traders could be looking at quick 70% gains in the months ahead.
That being said, now is probably a good time to buyRead more on cryptonews.com