BIG NEWS: Ethereum Breaches its Resistance! Will ETH reach 2K now?

The crypto market continues to go higher as FUD haunts legacy markets. From high inflation to failing US banks, it seems that cryptocurrencies are starting to prove to be worthy. In the past week, Ethereum price increased by more than 20%, reaching a critical price of around $1,750. Will ETH reach 2k now? Let’s assess in this Ethereum prediction article.

Why is Ethereum important?

Ethereum is important because it is a decentralized blockchain platform that enables developers to build decentralized applications (dApps) and smart contracts. It was created to expand on the capabilities of Bitcoin, which is primarily designed to be a decentralized digital currency. Ethereum, on the other hand, provides a platform for developers to create and deploy their own decentralized applications using blockchain technology.

Some of the key features that make Ethereum important include:

  1. Smart Contracts
  2. Decentralization
  3. Tokenization

Where to Buy Ethereum?

There are currently many good exchanges that offer to trade and hold Ethereum coins. Heres a list of known exchanges that are currently in good standing:

On the other hand, it is always safer to hold your own coins in your own offline wallet. We suggest using a Ledger or a Trezor wallet.

Can you still Mine Ethereum?

After the merge, Ethereum switched to the proof-of-stake consensus algorithm, which means that mining Ethereum is no longer possible. This change was made in order to enhance the efficiency and scalability of the Ethereum network while also reducing its environmental impact. Instead, users can earn rewards by holding and staking ETH on the Ethereum 2.0 network. In a proof-of-stake system, validators are chosen based on the amount of cryptocurrency they have staked or locked up as collateral to validate transactions and produce new blocks.

exchange comparison

Ethereum Price Analysis: why is ETH up?

In a previous article, we highlighted how Ethereum reached a strong support price of $1,430. From there, prices started to retrace higher. This came at a perfect time when confidence in the crypto market started to rise again. This pushed prices higher and reached the resistance price of $1,700. However, ETH breached this resistance and now stands at around $1,740.

Fig.1 ETH/USD 1-day chart showing the retracement of ETH – GoCharting

Ethereum Price Prediction: Will ETH Reach 2K?

If the crypto market continues to increase, we anticipate that ETH reaches 2K by the end of the month of March, or by the latest beginning of April 2023. This is because the uptrend already started when Bitcoin reached 15K as its bottom price, and started its new uptrend. However, the recent US banking failures and the bankruptcy of other crypto companies kept prices lower than their potential.

Fig.2 ETHUSD 12-hour chart showing an Ethereum price prediction – GoCharting

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