An Ethereum breakthrough is about to happen? Analysts expect ETH price to rise to $2,000

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Ethereum (ETH) has fallen by nearly 50% over the past year, eroding investor confidence in the second largest cryptocurrency in market capitalization. However, crypto analysts believe that the fate of ETH may be reversed.

Is Ethereum determined for a bullish breakthrough?

Unlike Bitcoin (BTC), ETH has not benefited greatly from bullish development in 2024. Although the approval of Spot BTC Exchange Traded Fund (ETF) provides a floodgate for institutional capital to flow into top digital assets, ETH ETFs fail to generate the same level of interest.

And, Eth’s Poor performance Compared with BTC, it only deepened. Crypto analyst Daan Crypto Trades shared the following two weeks of ETH/BTC chart to show how ETH has consistently broken through key high-altitude support levels for BTC over the past few years.

Currently, ETH has not seen a level relative to BTC since 2020. According to analysts, the final major ETH/BTC support is around 0.016, 20% below the current level of 0.019.

More optimistic, analyst TED pointed out that ETH may break through the trend line on the two-hour chart. He commented:

The global market is gaining some strength, so Ethereum is expected to hold between $1,550 and $1,600 levels. Currently, I’m looking to break through at a closing price above $1,670 at the $2,000 rally.

Similarly, experienced crypto analyst Titan stressed that ETH appears ready to burst out from the rising triangle pattern over the weekly timeframe. According to him, ETH is currently trading at the bottom of the structure and can be set to test the top of the formation around $3,600.

For beginners, rising triangles are a continuation pattern, which creates higher lows when the price faces resistance at a horizontal level, eventually resulting in the shape of the triangle. It marks a signal to establish buying pressure, and a breakout at the resistance line often results in a strong upward movement.

ETH ETH Exchange Reserve Rises Can Suppress Prices

While the above analysts point to a potential bullish reversal in ETH, crypto analyst Ali Martinez Famous More than 368,000 ETH have been sent to the exchange since the beginning of this month. Increased exchange reserves of digital assets are often bearish news because it suggests that holders may want to sell their assets in the near future.

Furthermore, even if ETH has bottomed out for this market cycle, it still face Strong resistance at the $2300 mark. At press time, ETH was trading at $1,612, down 2.7% in the past 24 hours.

Featured images from Unsplash.com, charts from X and TradingView.com

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