Ethereum Reaches New Highs
• Ethereum recently hit a 9-month high of $1800 as the crypto continues to remain under a bullish influence.
• An analyst predicts that a pullback to $1680-1725 is required before prices can reach beyond $2000.
• A hard fork in Shanghai may soon induce strength within the bulls who might trigger a rebound if prices drop.
Bullish Influence on Ethereum
The leader of DeFi space has been maintaining a steady rise since the start of 2023, with 54% growth and 32% recovery in the past few days. Ethereum’s price has been consistently rising since then, becoming more resilient against bearish price movements. Currently, ETH is hovering near its all-time high of over $1800, indicating its preparedness for further bullish action and possibly reaching beyond $2000 in the future.
Predictions for Pullback
Popular crypto analyst Michael van de Poppe believes that ETH should undergo a retest before hitting new highs above $2000. He suggests that resistance will be at around $1850 and then likely pullback to somewhere between $1680 -$1725 before continuing its upward trend towards its target value.
Shanghai Hard Fork Impact
The upcoming Shanghai hard fork could potentially provide strength to the ETH bulls who might use it to rebound if prices dip below expected levels during the retest period mentioned above. This could lead to an increase of Ethereum prices beyond their current value of $1800 and eventually surpassing the benchmark of 2000 USDT in the near future.
In conclusion, Ethereum looks set for further bullish action regardless of whether or not there is a minor pullback beforehand. The hard fork in Shanghai may very well provide enough strength for bulls to rebound from any dips experienced during this time, eventually leading up to soaring new heights past 2000 USDT in no time!