Ethereum (ETH) has managed to see some strong recovery this week. The coin has finally risen above $1900, and there could still be more upside to further test $2000. But how far can the bulls keep the momentum going? Turns out not that long. Here are key highlights:
- Ethereum has gained around 7% in the last 24 hours.
- The coin is consolidating the price above $1900.
- A decisive run towards $2000 is possible in the coming days.
Ethereum’s recovery and its limits
The fact that ETH has managed to hit $1900 is a very good sign. It means that the downtrend we saw last week has reversed or at least stopped for now. If the coin can manage to close the day above this price, then you should expect a decent upward rally.
However, it is likely that ETH will face major resistance at $2,000. However, we expect the bulls to have just enough in their tank to overcome. Once the coin breaks above $2,000, it will trigger a decent demand that pushes it towards around $2,300. This will be a 21% increase from the current price.
But if ETH fails to hold $1900, we may see more weakness follow. However, at the moment downside risks are not that big. At worse, ETH will likely bottom at $1700, where it has found very strong support in recent days. We are also seeing large accounts buy more ETH. This is a sign that the long-term prospects for the coin are quite positive.
Why Ethereum could grow this year
Ethereum is unlikely to reach the $10,000 price that we all expected at the start of the year. But the play still has so much to give.
At the moment, conservative estimates could push ETH to $6000 by the end of the year. That will be around 3x growth in 2022.
