Ethereum: Will the Altcoin Break the $2,000 Barrier?
The recent price movements of Ethereum have been noteworthy, with a 3.8% increase in the week, according to CoinMarketCap data.
At the time of writing, Ethereum is trading at $1,860 with a market capitalization exceeding $230 billion. Despite current market conditions, many in the crypto community anticipate that Ethereum will soon exceed $2,000.
Analyzing Ethereum’s daily chart reveals a bullish trend, as indicated by the Exponential Moving Average (EMA) Ribbon, with the 20-day EMA sitting above the 55-day EMA.
Additionally, the Money Flow Index (MFI) is moving upwards, and the sentiment toward Ethereum is positive, despite the recent attack on its network that led to the theft of significant amounts of ETH via MEV bot transactions.
However, the Chaikin Money Flow (CMF) showed a downtick, and the Bollinger Bands indicated a decrease in volatility that may restrict the token’s price from increasing exponentially in the short term.
On the bright side, Ethereum’s on-chain metrics paint a positive picture, with low net deposits on exchanges and a 25.83% increase in the total number of active wallets used for coin transactions.
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Ethereum’s demand in the derivatives market is also high, and its supply on exchanges has decreased significantly in the past 30 days.
Considering all these factors, it appears likely that Ethereum will surpass the $2,000 mark in the near future, even though there may be some slower days ahead.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
