Ethereum Price Prediction: Will ETH Rally Past $2,000 Soon?
Key Insights:
- Ethereum price consolidates near $1,760, with key resistance at $1,834 and potential for a $2,000 breakout.
- Ethereum’s active addresses surged nearly 10%, signaling increased network activity and growing demand.
- Bullish sentiment in Ethereum’s derivatives market rises, with long positions nearing 55% and potential for $317M in short liquidations.
Ethereum price demonstrated positive indications for breaking past crucial barriers toward achieving the $2000 price mark.
ETH formed a solid foundation for a surge because of rising network usage and market sentiment. Additionally, technical indicators suggest a bullish trajectory that could lead to a breakout soon.
Ethereum Price Consolidates Near $1,760
Notably, Ethereum price experienced steady consolidation throughout recent trading cycles by consolidating near $1,760. The top crypto is experiencing resistance around $1,834 as its recent price increases have failed to exceed that level.
This price point has acted as a significant barrier for Ethereum, with previous upward moves stalling just below it.
The 4-hour chart indicates growing signs that Ethereum could break through its resistance level. If momentum continues, ETH may push higher to reach a new price target.
Several price advances in the market have briefly touched the $1,834 resistance zone but eventually reverted downward.
If the crypto surpasses this resistance level, it could reach its $2,000 target. Several analysts have identified it as a crucial resistance zone.
Active Addresses Surge Nearly 10% Signaling Growing Demand
More so, the likelihood of an Eth price surge received support from the rise in active addresses on its network. Data from CryptoQuant showed that active Ethereum address numbers exhibited a substantial 9.99% boost between April 20 and April 22.
The numbers jumped from 306,211 to 336,336. The growing demand for ETH is supported by recent high activity levels. This showed potential participation from retail investors and institutions.
Consequently, the rise in Ethereum active addresses is a favorable development. It demonstrates that users increasingly participate in the platform for various blockchain-related applications. This includes DeFi solutions and cryptocurrency investments.
A rising number of active addresses typically indicates an expanding user base, a fundamental positive factor in the price of altcoin. As the Ethereum ecosystem grows, the demand for ETH will likely increase, further supporting its price potential in the coming weeks.
Bullish Sentiment Grows in Ethereum Derivatives Market
Meanwhile, the Ethereum derivatives market displayed rising bullish sentiment as the price stabilized and network usage rose. Recent Coinglass data showed that ETH long positions control approximately 55% of the market.
This suggests that many traders expect the Ethereum price to increase soon. The Long-to-Short Ratio chart showed growing positive expectations, indicating substantial increases during recent days.
The potential short liquidations continue to grow within the derivatives market. Ethereum’s present position near critical price ranges indicates substantial short positions are at risk of liquidating if its price surpasses $1,800.
Coinglass data showed that $317 million worth of short positions could face potential liquidation at the $1,809 price point. If ETH breaks through this level, it may accelerate upward momentum due to forced liquidations.
Ethereum Golden Cross Indicates Bullish Momentum
Further supporting a bullish outlook, crypto analyst Titan of Crypto observed the formation of a Golden Cross pattern on Ethereum. This suggests forthcoming positive market forces.
According to the analyst, a crossover pattern between short-term and long-term moving averages produced a typical bullish signal.
Analysts widely regard the Golden Cross as an accurate signal of bullish trends. Its emergence on the Ethereum price chart may lead to additional growth. The upward movement of ETH above central price points and a bullish crossover increased the probability of extended market growth.
The technical signal, vigorous network activity, and rising derivatives market sentiment suggest an imminent breakout. This could push the Ethereum price toward the $2,000 mark.
