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Ethereum hits an 8-month high as it nears $2,000

Ethereum hits an 8-month high as it nears $2,000

Ethereum (ETH), the world’s second-largest cryptocurrency, has reached an 8-month high as it continues its upward trend toward $2,000. The price of ETH rose to $1,909 on Wednesday, April 5, marking a 5% increase in just 24 hours, this surge comes amid a broader market rally that saw Bitcoin (BTC), the largest cryptocurrency, test resistance at $29,000.

Ethereum’s on-chain activity has been steadily increasing over the past few months, with more and more users utilizing the network for various purposes. This uptick in activity has led to a surge in demand for Ethereum, with sharks (addresses holding 100-10,000) ETH accumulated $4.24 billion in the past 9 months, per the data from crypto analytics firm Santiment on April 5.

Ethereum sharks are accumulating. Source: Santiment

According to Ali Martinez, a cryptocurrency trading expert, Ethereum is currently showing signs of breaking out, and the next key resistance level lies beyond $2,100. Furthermore, Martinez suggests that there are minimal resistance supply walls between Ethereum and this critical level.

“On-chain data reveals that the next critical resistance area is between $2,100 and $2,150, where over 200K addresses had previously purchased over 18M ETH.”

Ali Martinez resistance levels. Source: Ali Martinez

Notably, Martinez stressed last week that given the lack of significant resistance ahead, it was entirely reasonable to expect further upside for ETH when it was trading at $1,804.

Ethereum price analysis

On March 29, Finbold reported that Ethereum could be poised for a rally to $2,000 when it was changing hands at $1,818. Currently, the digital asset is trading at $1,910, up 4.17% in the last 24 hours and a further 5.25% across the previous week, with a total market cap of $230 billion.

Ethereum 7-day chart. Source: Finbold

It’s worth highlighting that the Shapella network upgrade will be activated on the Ethereum mainnet on April 12, which will se the EIP-4895 standard added to the  etwork after the whole of the Shapella update has been implemented. Shapella has made various modifications to its network to reduce the transaction costs associated with certain activities. 

EIP will make it possible, for the first first time, to withdraw ether that has been staked and investors will be hoping the latest update will provide further bullish sentiments for the price of ETH to hit $2,000.

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