- Ethereum is trading at $1,840 with a slight increase of 0.2%, with an ongoing $7.63 billion in volume.
- There is speculation that ETH may hit $2,000 should it overcome resistance from $1,900.
- Ethereum’s short-term holders count nearly 4 million, typically precipitating major price rallies.
Ethereum is trading at $1,840 with a slight increase of 0.2%. ETH remains firmly above the $1,800 mark, with an intraday trading volume of $7.63 billion. However, the price variation over the past 30 days has remained below 2%, raising concerns among market analysts.
Can Ethereum Break $2,000 for Rally?
MiloX Trading has raised the possibility of ETH reaching $2,000 in the coming weeks if bullish momentum continues. ETH is consolidating above the 50-day EMA with increasing trading volume, while the RSI shows an upward trend. However, strong resistance lies at $1,900 and $2,000, and ETH must break $1,900 convincingly for a sustainable rally.
The bearish pressure of the 100 and 200-day EMAs should keep prices under control. Support Levels at $1,750 and $ 1,600 offer protection if the rally faces obstacles. Traders are closely monitoring whether ETH can overcome these resistance points and possibly regain the $2,000 zone in the short term.
Technical analysts foresee Ethereum’s price surging significantly, with expectations of a 120% surge towards $2,500. Should the rise continue, it could set the stage for an even longer-term price boom, with ETH headed for $4,000 or beyond. Such an action would mark an intense, long-lasting bullish trend for the token.
Short-Term Holders Near 4 Million Threshold
Analyst Burak Kesmeci suggested that Ethereum may be entering a prolonged uptrend based on the growing activity of short-term holders. These traders, who typically hold ETH for less than 155 days, are highly sensitive to market trends.
Kesmeci indicates that when short-term holders are over 4 million, ETH tends to have large price surges, such as in 2022 and 2024. Although 3.92 million is the current short-term holder figure, an increase from above 4 million might show sufficient bullish force to driveÂ
ETH into an extended long-term uptrend. Ethereum’s long-term holders also have faith in its future price outlook, with 104.24 million LTHs demonstrating conviction in the market. The increasing count of long-term holders also reinforces the idea of long-term price appreciation, driving hope for Ethereum’s future direction.
Read More: Ethereum price eyes breakout as bullish Pennant forms – will ETH hit $1,900 soon?
