Wed, October 4

Will Ethereum (ETH) Breach the $2K Mark Soon?

Will Ethereum (ETH) Breach the $2K mark soon? Editors News
  • The trading price of Ethereum (ETH) has mostly stayed between $1800 and $1950 in the last few weeks.
  • Despite the recent fall, Crypto owners surged by 21% in the first half of 2023.

The crypto market has experienced massive growth globally with significant developments recently. In the first half of 2023, the number of crypto owners surged by 21%, rising from 425 million in December 2022 to 516 million. During this period Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has shown remarkable growth in crypto holders, with a surge of 21% along with the crypto market. 

On August 1, the crypto exchange shared the crypto market sizing report for the first half of 2023. The data shows that Ethereum owners increased from 87 million in December 2022 to 105 million at the end of the first half of 2023, with a surge of over 21%. Here is a fun fact, as per the report, Ethereum owners account for 20% of the crypto owners. 

Ethereum’s Shanghai upgrade played an important role in its adoption, which allowed the withdrawal of staked ETH from the Proof-of-Stake (PoS) blockchain. ETH adoption showed a rapid surge in April when its price reached the $2K mark for the first time in 2023. However, adoption started dropping after the surge, while the price of ETH stayed below the $2K mark. Recently, ETH completed its eighth anniversary on July 30. The entire crypto market waited for ETH to pump above the $2K mark. However, it ended up trading below the $1900 mark.

Ethereum (ETH) Price Analysis: 24-Hours Timeframe 

At the time of writing, the trading price of Ethereum is $1,826, with a decline of 2.09% in the last 24 hours. On the contrary, the daily trading volume of ETH has experienced an increase of 19.45%, according to CoinMarketCap. 

Ethereum (ETH) Trading Price chart (source: TradingView)

The daily trading price chart shows that the ETH price has bearish momentum as the current price is below the 50-day exponential moving average (50 EMA). Moreover, according to RSI, ETH is neutral and inching closer to the oversold zone.

In the past few weeks, Ethereum has mostly traded between the $1800 to $1950 range. The leading altcoin is following in the footsteps of Bitcoin, as the ETH trading price has fallen below $1900 after BTC’s latest decline below the $29,000 mark. However, ETH may experience a significant breakthrough in the upcoming days. 

According to the data, if the trading price of ETH experiences bullish momentum, it will reach the nearest resistance of $1850. If the trend continues, the price will break through the $1950 range and even advance to surpass the $2000 mark soon. Another drop may begin if Ethereum fails to break the $1850 resistance level. If the price drops below $1800, the next significant support is $1780.  

A passionate content writer with a background in journalism. Loves to explore and stay up-to-date with new technologies. Through his writing, he aims to share his knowledge and insights about the latest developments in the crypto world.