Ethereum has witnessed a price growth of more than 15% in the last couple of days. First, it started by surpassing $1.5k and then $1.6k. Now, with an all-time high record at $1,697.11, this coin is aiming at $2,000 in a short time.
By reaching this level, this coin had gained more than 1,800% in under a year, increasing from less than $100 in March, according to CoinDesk figures.
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Also, the market capitalization of Ethereum has passed $186 billion.
Ethereum bulls aim for at least $2,000 in the short-term and up to $3,123 in the long run.
However, due to the volatile nature of cryptocurrency and the fact that institutional investors may start taking profit soon, we could see pullbacks again.
Based on Fibonacci retracement levels tracing the most recent uptrend that started at the end of December 2020, the key psychological support levels are at $1,400, $1,229, and $1,100, respectively.
The same length Fibonacci calculated the next resistance levels to be at $1,907, $2,092, and $2,233.
Tim Enneking, managing director of Digital Capital Management, also shared his point of view for Forbes, he said:
$1,600 automatically turns into support, but it won’t be very strong unless it holds for a while (which it probably won’t). There is some serious support just above $1,500 (more specifically, 1520-1540) and again just above 1400 (same levels).
However, he emphasized that “Resistance above is much tougher to call. On the way up to break $1,600, every $100 was tough, and that will almost certainly continue to be the case.
“$2k will present strong resistance and, once the price hits that level, there will probably be a significant pause for consolidation,” he added.
Edul Patel, co-founder and COO of crypto startup Mudrex, shared his view on this coin as follows:
Ether has grown rapidly in the last few days and is very likely to hit $2,000. Edul believes that the price level has a big psychological resistance.
Prior to that, ethereum price may witness a struggle in passing $1,750. On the support side, there is strong buying pressure around $1,300, and Breaching may fuel a further nosedive.
The possibility of a pullback
It is hard for ethereum to hit $2,000 as the digital asset is facing some short-term resistance. Several on-chain metrics recommend ETH is poised for a pullback first before another leg up.