Ethereum Price Prediction as ETH Shoots Up 11% – $2,000 Incoming?
Ether could break past $2000 soon if it sustains the bullish momentum it has created over the past day. Within 24 hours, ETH has gained 11% to trade at $1,530 at the time of writing. Ether’s gains come amid a major recovery across the cryptocurrency market as the crypto market cap surpasses $1 trillion.
Ether has made a double-digit gain over the past 24 hours, allowing the token to recover the losses after traders started selling to avoid risks related to the Merge. ETH is now on the way to breaking past the psychological level of $2,000.
The cryptocurrency market has traded in the green zone over the past 24 hours. Bitcoin has managed to break past $20K for the first time since October 7, and altcoins are also rallying as traders take advantage of the spike in volatility.
In the last 24 hours, Ether has traded between $1,378 to $1,543, indicating high volatility. ETH’s trading volumes stand at $27.44 billion after triple-digit gains over the past day. Ethereum’s market cap is at $184 billion, with a market dominance of 17.83%.
Like most large-cap cryptocurrencies, Ether has been consolidating over the past few weeks, with the prices barely changing as volatility dropped to notably low levels. However, as stock markets rallied yesterday amid the release of earnings reports by tech firms, the crypto market volatility has also increased in response.
The technical indicators prove that ETH is indeed in bullish territory. The Relative Strength Index (RSI0 is at 59, showing that the token is leaning toward the overbought zone. The buying pressure witnessed over the past 24 hours could have created this trend. On the other hand, the RSI level does not show a high risk of a trend reversal.
The Moving Average Convergence Divergence
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