While the Bitcoin price is recapturing its past gains and the broader crypto market is witnessing steady recovery, ETH is still lagging behind and attempting to push above $2,000 ahead of the weekend.
The price of ETH dumped from the high of $2,130 to as low as $1,788 – marking a drop of 16% – earlier this week. Throughout the week, it traded sideline while steadily managing to trade within the $1,800 to $1,900 range.
Since the past few months, ETH has been one of the most underperforming crypto assets with it hardly moving past its all-time high while BTC, SOL and other leading crypto assets were breaking new highs. Recently changed market dynamics like Ethereum’s losing position as a leading smart contract blockchain and emergence of alternative cheap platforms have left a high impact on ETH price.
At the time of writing, ETH is trading at $1,920 with a market cap of $231.3 billion. It is still down 10% in the past 7 days while overall downtrading 60% from the all-time high – as per Coinmarketcap data.
Can ETH Break $2,000 Before Sunday?
As the crypto market is approaching the weekend, traders and investors are expecting Eth to recover above $2,000 before Sunday.
The crypto market tends to move slower when the U.S. stock markets are closed on Saturday and Sunday. At the time, most of the swing traders are found taking their position in the market and speculating on further weekly price movements.
For ETH, traders are now predicting that the Monday opening would probably hit back with a stronger bounce. The $2,000 mark is now seen as a benchmark for ETH as its price has been moving around this level before making any major moves further.
The chart shows that ETH currently has a strong support near $1,820 while it has taken dip to as low as $1,750 earlier this week. In order to gain past $2,000, ETH needs a push of 10% price hike.
The recently lowered gas fees and the upcoming Pectra upgrade could drive much attention back to ETH but these plays are for a longer run. The quick pump in ETH price could only occur if the U.S. President Donald Trump announces any major update regarding Ethereum, just as he did by announcing a strategic crypto reserve and including ETH in it.
Whether or not ETH price recovers to $2,000 by Sunday, it has huge potential to gain significant traction for long term, given that it is simultaneously going through upgrades and trying to match the market demand while crypto landscape continues to grow.
Also read: Ethereum Developer Unveils Hoodi Testnet After Pectra Seatbacks
