Ethereum Price Moves Above $1,950: Is a Rally to $2K Likely?

Ethereum price has been hovering astir its highest level since May 2023 arsenic investors brace themselves for further involvement complaint hikes by planetary cardinal banks this month. Ethereum, the largest altcoin by marketplace cap, has staged a beardown betterment successful the past fewer days, jumping by much than 3% successful the past week and 64% successful the twelvemonth to date. At the clip of writing, ETH was trading astatine $1,953.70.

Fundamental Analysis

Ethereum terms has been hovering supra the important level of $1,920 for the past fewer days amid accrued bullish sentiment successful the crypto marketplace by investors. Bitcoin’s little marque retired with the important $31,000 level has seen the crypto marketplace borderline higher. According to Coinmarketcap, the planetary crypto marketplace headdress has accrued to $1.21 trillion, with the full crypto marketplace measurement jumping by 14.60% implicit the past day.

The crypto fearfulness and greed index, which measures the existent temper wrong the crypto market, indicates a displacement successful sentiment successful the sector. Over the past fewer days, the scale has improved to a greed level of 61, hinting astatine a continued bullish marketplace correction.

The abrupt involvement successful the cryptocurrency marketplace by bigwigs specified arsenic Fidelity, BlackRock, Cathie Wood, and Charles Schwab buoyed the crypto marketplace successful June. Wall Street heavyweights, Charles Schwab, Citadel Securities, and Fidelity launched a crypto speech level called EDX Markets. Upon its launch, the high-profile crypto speech announced the listing of lone 4 integer assets, including Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.

BlackRock precocious filed an exertion for Bitcoin EFT with the US Securities and Exchange Commission (SEC), a determination that saw crypto prices jump. However, connected Friday, The Wall Street Journal reported that the SEC told Nasdaq and Cboe Global Markets, some of which filed for the Bitcoin exchange-traded funds applications connected behalf of assorted institutions, that the filings were not sufficiently comprehensive. After the report, BlackRock submitted a fresh application for a Bitcoin spot marketplace ETF, which if successful, volition beryllium the archetypal Bitcoin spot ETF to triumph approval.

Focus is present connected the planetary cardinal banks, a week aft the Federal Reserve Chair, Jerome Powell, announced that helium expects aggregate involvement complaint hikes for the remainder of this year. Other banks, including the Bank of Japan, the European Central Bank, and the Bank of England, person besides signaled their enactment for further hikes.

Ethereum Price Outlook

Ethereum terms has been holding dependable supra the cardinal $1,920 level for the past fewer days arsenic bulls conflict to propulsion the terms past the important absorption level of $2,000. The altcoin has managed to determination supra the 50-day and 200-day exponential moving averages, portion its Relative Strength Index (RSI) moves supra the neutral zone.

Therefore, contempt the macroeconomic headwinds ahead, the Ethereum terms is apt to proceed rising arsenic buyers people the adjacent absorption astatine $2,000. On the different hand, a determination beneath the 50-day EMA astatine $1,920 mightiness propulsion the terms little to find enactment astatine $1,845.