Ethereum Is Pumping but Will ETH Cross $2000?

• Ethereum has surged 19% in the past 30 days.
• 9,353 ETH worth $37 million have been transferred to Coinbase.

Ethereum, the second-largest cryptocurrency, just hours ago reached a four-month high of $1,929, breaking the key resistance level of $1,900. At present, it is trading at $1,919, reflecting a 3% gain over the past 24 hours.

Data from IntoBlockchain indicates that Ethereum remains in a “mostly bullish” position, with strong support from whales (holders of over 1% of the circulating supply) and investors. The In/Out of the Money indicator also supports this positive sentiment.

Despite this bullish momentum, Ethereum is also facing increased selling pressure, with a 4% uptick in trading volume in the past day. 

Moreover, a crypto analyst has observed a notable increase in the amount of ETH being unstaked through centralized exchanges (CEXes) over the last five months. This shift is anticipated since many users, especially those on CEXes, are more interested in capitalizing on price increases rather than staking for annual percentage rate (APR) gains. The growing number of unstaked ETH on CEXs could have various implications for Ethereum.

On a positive note, more ETH being unstaked may indicate increased user activity, with users potentially seeking to use their ETH for trading or other purposes.

In a recent noteworthy development, 19,353 ETH (equivalent to $36,691,404 USD) was transferred from an unknown wallet to Coinbase. This all coincides with the reflection of investor sentiment. Also, Ethereum bulls had a positive ripple effect on other altcoins too.

An Ethereum Bull Rally Ahead?

A closer examination of Ethereum’s current price movements reveals bullish signals. The 9-day exponential moving average (EMA) has risen above the current trading price, settling at $1,869. Additionally, the daily relative strength index (RSI) stands at 73, indicating that Ethereum is currently in overbought territory.

If Ethereum’s price manages to surpass this level, it is likely to test the $2,000 mark. And with further upward momentum, it might take it toward the $2,123 resistance level. However, a drop below $1,857 could lead the price towards the $1,783 support area.