Ethereum is on a solid track to finally be able to cross the $2,000 barrier as the coin has once again started gaining strength. Currently holding at around the $1830 figure, the second-ranked digital currency is expected to move past the next barrier within the next week.
Prospect of an incoming Boom in ETH prices
While Bitcoin crossed $60,000, at the same Ethereum was at $1,900, and it reached the $1943 mark but could not proceed further, and its price value dropped down. However, the Ether value continued to correct, reaching the point of $1,880 level. From $1,722 to high of $1,943 the Fibonacci retracement level moved up 23.6%.
Presently, Ether is exchanging healthily at $1,830 with a moving average per hour at 100. Along with this healthy level, Ether is at a Fibonacci retracement level of 50%.
There is a bullish flag building up along with resistance close to $1,890 hourly. On the condition that an upside break crosses the resistance, the chances of Ethereum moving above $2,000 could become very plausible.
One cause of concern for Ethereum supporters will be if Ethereum does not reach a cross-resistance level of $1,890, that could mean that Ether has not stopped correcting, which could mean that the price of Ether could fall close to $1,850, which is the first important stop.
However, the primary support would be developing at $1,820 with an average movement per hour at 100. The story still does not end there. If the primary support does not settle, the price will continue the trend of going down at $1,800.
Any further decline would result in calling on the examination of the primary key for a short term at a $1,750 zone.
Ethereum has been performing well during the first few weeks of the current year as it was able to make a new all-time high above the figure of $2,000, and it had a strong bullish momentum at that time. It somehow lost that remarkable momentum. But now, once again, it is getting back into that momentum and is expected to clear the hurdle of $2,000 in the next attempt, which is likely to occur in the coming days.