Ethereum prices made a very strong comeback last week. This happened as the Ethereum merger came one step closer to reality. However, the market adjusted and lowered the ETH price to $ 1,400. Today, crypto enthusiasts have woke up to rising crypto prices. The crypto market has grown by more than 8% in the last 24 hours as Ethereum has grown by more than 10%! Will Ethereum reach $ 2000 soon? Let’s analyze 😉
What is Ethereum Cryptography?
Ethereum is the inspiration of Vitalik Buterin and is the unofficial number two behind Bitcoin. Launched in 2013, the blockchain supports smart contracts and nicknames ETH “programmable money.” Anyone with a computer can start their own smart contract on the platform, leading to a highly dynamic and innovative environment. The blockchain received a lot of attention in 2021 by leading the fast-growing DeFi scene based on network smart contracts.
On the other hand, there are many issues that dominate the cryptocurrency scene around Ethereum. Scalability and efficiency are two main reasons Ethereum is suffering. The network still uses the proof of work mechanism, the fees are still high, and the mining process is not energy efficient. However, this is all due to changes after Ethereum received future updates.
Ethereum is up more than 10% – what happened?
As I explained in the previous article, Ethereum has strong resistance around the price of $ 1,640. As a first goal, we expected the price to drop to $ 1,400.this is Exactly What happened. However, the price did not continue its downtrend and went back from that price range. We can conclude that $ 1,400 is now a strong support for the price.
Interestingly, the price of ETH rose towards the resistance price of $ 1,640 shortly after reaching that target. Investors seem to have re-entered the market as the Ethereum software has been upgraded.
Ethereum Price Forecast-Will Ethereum Reach $ 2000?
Now that the crypto market has recovered, Ethereum is very likely to break the $ 1,640 resistance. If this happens, the price of ETH should skyrocket towards a price of around $ 1,850. This new area is a very important area for Ether and prices are expected to be consolidated between $ 1,750 and $ 1,950.
When this happens, it will take several days for Ethereum to reach $ 2000. However, if Ether fails to break the $ 1,640 resistance, prices are expected to return slightly to the previous price range.
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