Will Ethereum’s surge push ETH beyond the $2000 mark?

• Ethereum recently reached a four-month peak value of $1,929.
• Ethereum is experiencing a rise in selling pressure and trading volume.
• The price of unstaked ETH via centralized exchanges is increasing.

Just a few hours ago, Ethereum , the cryptocurrency with the second-largest market capitalization, achieved a four-month peak value of $1,929, surpassing the crucial resistance mark of $1,900. It is being traded at $1,919, indicating a 3% increase in value over the last 24 hours.

IntoBlockchain information suggests that Ethereum maintains a “predominantly bullish” stance, backed by substantial support from whales (entities holding more than 1% of the circulating supply) and investors. The In/Out of the Money metric further corroborates this optimistic outlook.

Even with the current positive trend, Ethereum is experiencing a rise in selling pressure, evidenced by a 4% increase in trading volume over the last 24 hours.

Furthermore, a cryptocurrency expert has noted a significant rise in the price of ETH being unstaked via centralized exchanges (CEXes) in the past five months. This trend is expected as numerous users, particularly those on CEXes, are more inclined to profit from price surges rather than staking for annual percentage rate (APR) returns. The increasing volume of unstaked ETH on CEXs could impact Ethereum in several ways.

From an optimistic perspective, a rise in the amount of unstaked ETH could suggest a surge in user engagement, as users might be looking to utilize their ETH for trading or other functions.

In a significant recent event, a transfer of 19,353 ETH, approximately $36,691,404 USD, was made from an unidentified wallet to Coinbase. This activity aligns with the current investor sentiment. Furthermore, the bullish behavior observed in Ethereum has had a beneficial impact on other alternative cryptocurrencies as well.

Is an Ethereum Bull Run on the Horizon?

We observe positive indicators after a detailed analysis of Ethereum’s recent price trends. The 9-day exponential moving average (EMA) has surpassed the present trading price, stabilizing at $1,869. Furthermore, the daily relative strength index (RSI) is at 73, suggesting that Ethereum is presently overbought.

Should the price of Ethereum successfully exceed its current level, it could approach the $2,000 threshold. Additional positive momentum may propel it towards the resistance level of $2,123. Conversely, if the price falls beneath $1,857, it may be directed towards the support region of $1,783.