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Ethereum struggled for around 2 weeks to find adequate support. Prices dropped as low as $875 on certain exchanges but quickly recovered back above the psychological price of $1,000. Today, there are many reassurances that crypto prices reached their support areas and are ready to go back higher. Bitcoin as an example also stabilized around its psychological price of around $20,000. Will Ethereum reach 2000 dollars again soon? There are many technical requirements for this, let’s analyze 😉
Ethereum Breaks $1,000, BUT part of a Fakeout
After reaching a price of $3,520 back in April 2022, Ethereum price started to crash. We can see in the weekly chart how every candle has closed in red since then. Ether prices even managed to break the strong psychological price of $1,000 and reached a low of $875. However, this barely lasted for a couple of days and prices directly went back to the current price of $1,100.
Ethereum Price Prediction – Will Ethereum reach 2000 Dollars?
Now that prices stabilized, we need to see some buying power enter the crypto space. From a technical perspective, prices should reach as a first step the 38.2% retracement level delimited by a price of around $2,000. This takes into account that the entire crypto market is slightly recovering, and investors are flocking back to buy Ethereum at around the $1,000 price mark.
On the other hand, fundamental news is also quite important, especially in bringing the buying power back to Ethereum. Recently, many events happened in the Ethereum space. While Meta and other big tech companies are exploring the metaverse and the NFT world, Binance was seen planning to shut down its Ethereum wallets. That’s why it is important to look at fundamental news as they tend to affect the market heavily, especially during bear markets.