• Ethereum is gaining strong momentum and could reach the psychological level of $2,000.
• The price rise of Bitcoin and Ethereum has been supported by large whale accumulation according to on-chain data provider Santiment.
• Crypto analyst Michael Van de Poppe expects the ETH price to rally to $1,700-1,730 before facing strong rejection.
The cryptocurrency market has been on a remarkable rally over the past few weeks, with Bitcoin leading the way and pushing the crypto market cap above $1 trillion. The BTC price has surged all the way to $23,000, marking the first time in the last five months since August 2022 that it has touched these levels. This price rise has been supported by large whales and the 1,000 to 10,000 BTC tier group of investors which has collectively accumulated 64,638 ($1.46 billion) BTC in the past 15 days.
Following Bitcoin’s impressive rally, Ethereum (ETH) has also seen a meteoric surge with its price shooting past $1,600. Since the start of 2023, the ETH price gains have mirrored that of Bitcoin’s i.e. 33 percent gains. This has led to many investors wondering if this bullish momentum can push ETH to $2,000.
While the bulls seem to be in charge, experts have noted that trend exhaustion could be underway. Popular crypto analyst Michael Van de Poppe believes the ETH price can “continue towards $1,700-1,730 before rejecting”. If the RSI strength continues and supports the current rally, ETH can retest the psychological levels of $2,000.
Given the current market conditions and the strong momentum behind Ethereum, it is highly likely that the coin could hit $2,000 before the end of January. However, as with any investment, it is important to look at the risks and rewards before taking any decisions.