Ethereum (ETH) has managed to see some strong recovery this week. The coin has finally risen above $1900, and there could still be more upside to further test $2000. But how far can the bulls keep the momentum going? Turns out not that long. Here are key highlights:
Ethereum has gained around 7% over the last 24 hours.
The coin is consolidating the price above $1900.
A decisive run towards $2000 is possible in the days ahead.
Data Source: TradingView
Ethereum’s recovery and its limits
The fact that ETH has managed to hit $1900 is a very good sign. It means that the downtrend we saw last week has reversed or at least stopped for now. If the coin can manage to close the day above this price, then you should expect a decent upward rally.
It is likely though, that ETH will face major resistance at $2000. However, we expect bulls to just have enough in their tank to overcome. Once the coin rises above $2000, it will trigger a decent demand that will push it towards around $2300. This will be a rise of 21% from the current price.
But if ETH fails to hold $1900, we may see more weakness follow. However, at the moment downside risks are not that big. At worse, ETH will likely bottom at $1700, where it has found very strong support in recent days. We are also seeing large accounts buy more ETH. This is a sign that the long-term prospects for the coin are quite positive.
It is unlikely that Ethereum will hit the $10,000 price that we all expected at the start of the year. But the coin still has so much left to give.
At the moment, conservative estimates could push ETH to $6000 by the end of the year. That will be around 3x growth in 2022.