Ethereum’s price is set to reclaim the $2,000 level after breaking above significant resistance, according to the crypto analyst CryptoKaleo. Kaleo posted the projection on Twitter by sharing some screenshots of his technical analysis, indicating why he thinks the rally toward $2,000 will be quick.
Using the two-hour chart on TradingView, CryptoKaleo showed that Ethereum has convincingly broken above a key trend line, confirming an upward momentum that should push the ETH’s price higher. At the time of the post, ETH traded at $1,814, according to data shared by CryptoKaleo.
Hours later, the analyst posted another screenshot showing how ETH’s price responded to his earlier prediction. At the time of the post, Ethereum retested a significant resistance that held it down for almost two weeks. The resistance at $1,847 formed the upper limit of a tight range within which Ethereum traded for some time.
Not long after CryptoKaleo’s second post, ETH’s price spiked and climbed above the resistance. The third screenshot he shared revealed Ethereum was trading at $1,862 and confirmed his prediction that ETH’s price would rally in haste.
Ethereum traded at $1,851 at the time of writing after reaching a daily high of $1,872. CryptoKaleo predicts the quick rally will see ETH retest the $2,000 price level. At that price, Ethereum would be testing another significant resistance that formed on May 5, 2023, after the price recovered from a local low of $1,806 on May 1, 2023.
Ethereum has been in a bullish trend since the beginning of the year. Data from TradingView shows Ethereum’s yearly opening price was $1,195. A bull run in the first half of the year sees the flagship altcoin recording a 55% gain, based on the price as of the time of writing.
Several users project ETH’s price would rally higher to lead an altcoin season ahead of the next Bitcoin halving. Analysts project the upcoming halving will catalyze a bull run for the entire crypto market that could lead to most top cryptos recording new all-time highs.
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Source: Cryptocurrency - investing.com
