Over the course of the past three weeks, the price of Ethereum (ETH) has seen a meteoric rise. Despite the fact that are a few bearish indications that appear along the levels of lower timeframes, bulls have still continued to prevail. However, as per recent analysis by experts, the price seems to indicate a trend exhaustion that could be underway.
Ethereum (ETH) Price Surge
The price of Ethereum has increased by 38% since the beginning of 2023 and is presently trading in the $1,650 range. Because of this enormous rise, new all-time highs were established on January 13 and 20. And, in spite of the fact that there is a clear theoretical prognosis for the Ethereum price to reverse, there is a possibility that there will be a liquidity run, which might result in a third higher high being reached.
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This has been echoed by industry stalwarts like Michael van de Poppe, a prominent crypto analyst, who is of the opinion that ETH can continue rallying towards $1,700-1,730 before facing any sort of rejection. Earlier, when the ETH price had dipped, Micheal noted that those dips were the “best options before the relief rally occurs”.
ETH To Cross $2K?
As things stand, the price of Ethereum (ETH) is currently being traded at $1,661. This represents an increase of 6% in the past 24 hours, in contrast to its 9% jump during the last seven days, as per CoinGape’s crypto market tracker.Also Read: Crypto Fraudster Charged In $4.5 Bn Bitcoin Theft Lands New Marketing Job
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