Ethereum is in the green today, trading above the $1900 mark. The second largest cryptocurrency has yet to maintain a $2000 level, which is significant for psychological resistance regardless of the number of stabs in 2023. The last stab at the $2000 level was after the Shanghai hard fork.
- Ethereum price prediction against USD
- Ethereum current price – $1917
- Market cap – $228.96 billion
- Circulating supply – 120.37M ETH
- CoinMarketCap ranking – Number 2
- Resistance level – 1,906.594, 1,934.671, 1,953.632
- Support point – 1,859.555, 1,840.594, and 1,812.516
- Pivot point – 1887
Data is available at Barchart.com
The Ethereum price is moving steadily upward after falling below the $2000 level in the last few days. The coin maintains its grip above the pivot point. Today’s price shows that the number 2 coin has successfully recovered to push for the $2000 mark and beyond. The upward trajectory will face resistance at $1906 and $1,934 points. The price of Ethereum was $1917 at the time of publishing.
Today’s value is above the short-term low of 1807 but has not pegged to the short-term high expected in 1940.
Projections show that Ethereum might achieve a one-month high of $2135 if the resistance levels are broken. On the flip side, it might hit a one-month low of $1750 if Ethereum faces a rejection of its recent high price. Given that the lowest support point is at $1812, the cost of Ethereum might keep revolving around $1812 and $1953 until the breaking of the resistance.
Ethereum has crossed the 18-day moving average stall by operating above the $1900 level.
The Aftermath of Shapella Hard Fork
Ethereum conducted a successful upgrade termed “Shapella” on April 12. The prices started to rise steadily, above the $2000 mark, but there was a slump after some days. The most exciting thing is that Glassnode data revealed a low whale uptake, with the amount of ethereum held by whales reducing from 14.167 million to 14.033 million on the day of the upgrade in early May.
The Shanghai hard fork or Shapella upgrade facilitated staking that enabled investors to access their locked ETH, an aspect that some people said might upsurge the selling urge. According to Beaconcha.in, more than 1.97 million ETH, equivalent to $3.6 billion, have already been withdrawn by investors. However, there have been no significant changes experienced in the price of ETH.
The number of whale intakes is not the only determining factor for a price rally since the crypto markets depend on many factors. In 2020, when whales had a similarly reduced accumulation, the price of ETH rallied from $110 in March 2020 to $4,950 in November the following year.
The rise of Ethereum will be good news for the crypto space following the endurance of crypto winter. Upward trajectories will improve the crypto market significantly because of the impact of the second-largest blockchain in the industry. Once Ethereum breaks the resistance levels, it will hit the $2000 level, with future projections indicating the coin might go above the $2800 mark in the coming 52 weeks.
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