Ethereum moves ever closer to the US$2,000 mark

Categories : Crypto

New record high – Ethereum moves ever closer to the US$2,000 mark

Crypto analyst Ki Young Ju believes Ethereum’s record run this time around is much more solid than 2018.

Ether (ETH) hit a new record high near the psychologically important US$2,000 mark yesterday, 18 February, as the second largest Crypto Code scam cryptocurrency built upward momentum after several days of consolidation.

Cointelegraph Markets and Tradingview show, the ETH/USD currency pair managed to climb within a range of less than 4% of the US$2,000 mark on Thursday.

The market-leading „altcoin“ had initially spent most of February still in a sideways movement with a slight push to the upside, before Ether woke up from its „spring sleep“ again this week. At the time of going to press, a gain of more than 4 % had been achieved on Thursday, taking the price to a new record high of 1,930 US dollars.

In his new market update, Cointelegraph Markets analyst Michaël van de Poppe predicts that this upswing could still lead to US$2,200 if the US$2,000 mark is broken.

Given that the price has been moving below this level for some time, it is now all the more important that these areas can be established as firm support for the time being, so that it does not go down again just as quickly.

„This upswing is not without its downside, which is why we should keep a close eye on the US$1,820 mark,“ the analyst concludes in this regard.

Should Ether slip below this support, a crash to US$1,400 could follow, triggered by any retracement of Bitcoin (BTC), as the market-leading cryptocurrency is also currently at uncharted heights.

As Cointelegraph has reported, Ether has outperformed the market leader in the new year, gaining 164% compared to 85%.

Selling pressure weaker than 2018

New data, meanwhile, reveals that the biggest altcoin’s current surge may have been heralded by events from the previous year.

Accordingly, Ki Young Ju, CEO of the market research institute CryptoQuant, points out that data from the crypto exchange Coinbase shows three massive transactions for 2020, each amounting to almost 200,000 ETH, which were each made on private wallets.