• Ethereum (ETH) has seen a meteoric surge with its price shooting past $1,600 since the beginning of 2023.
• Analysts predict that ETH could rally further to $1730 in a higher-high chart formation.
• However, the bulls could face strong rejection at the psychological level of $2,000.
The cryptocurrency market has been on a roll these past few weeks as Bitcoin (BTC) surged past $23,000. This is the highest price the leading cryptocurrency has achieved in the last five months since August 2022. On-chain data provider Santiment has attributed this price rally to large whale accumulation. According to the data provider, the large whale tier group of addresses holding 1,000 to 10,000 BTC has collectively accumulated 64,638 BTC in the past 15 days, totaling $1.46 billion.
The surge in Bitcoin’s price has been accompanied by an equally impressive performance by Ethereum (ETH). The second-largest cryptocurrency has seen its price shoot past $1,600, registering 33 percent gains since the start of the year. This has led many investors to question whether the bull run could push Ethereum to the psychological level of $2,000 before the end of January.
Experts have expressed mixed opinions on the matter. Popular crypto analyst Michael Van de Poppe believes that Ethereum could rally further to $1730 in a higher-high chart formation. However, he also predicts that the bulls could face strong rejection at the $2,000 mark. On the other hand, another analyst, Wit Olszweski, believes that Ethereum is poised to reach $2,000 by the end of January. He believes that the RSI strength could continue to support the current rally and take ETH to even higher levels.
Overall, the cryptocurrency market is in a state of flux and it is difficult to predict the future price movements of Ethereum. If the bulls remain in charge, Ethereum could reach $2,000 by the end of January. However, investors should be aware of the risks and make sure to practice safe trading.