Recently, the price of Ethereum (ETH) crossing the $2,000 mark has sparked a new wave of optimism in the market. In the past 24 hours, this cryptocurrency has experienced a 7% growth and outperformed Bitcoin (BTC) and other major cryptocurrencies. Some analysts believe this marks the beginning of a strong upward trend that could propel ETH to new price highs. Technical analysts like Jelle suggest that a bounce from the $2,000 support could lead to significant growth, with price targets for ETH ranging from $2,196 to $3,900 as per RKT Capital. On the other hand, well-known analyst Crypto Patel predicts Ethereum could reach a new high of $8,000 in the coming months, considering the $2,000 range an excellent buying opportunity. Despite market optimism, some technical indicators suggest a potential price correction. Ethereum’s Relative Strength Index (RSI) hitting 70 signals overbought conditions and a possibility of price decline. Moreover, data from CryptoQuant indicates an increase in Ethereum inflows to exchanges compared to outflows, which could intensify selling pressure. If the $2,000 support holds and the upward trend continues, price increase up to $3,900 and beyond is anticipated. However, in case of rising selling pressure, a correction below $2,000 is also possible. Visit the real-time digital currency price page to monitor all token and cryptocurrency prices live.
