After a lot of tussles, the crypto markets seem to have attained some stability, as the major cryptos are trading along their respective resistance levels. Bitcoin trading above $28,000 and Ethereum approaching $1900 flash bullish signals for the entire crypto space.
Meanwhile, the prevailing consolidation is expected to continue for some more time as the bulls are currently accumulating strength to rise ahead.
The Ethereum Shapella upgrade is all set to go live on April 12, 2023, which will enable the withdrawal of 18 million staked ETH worth around $33 billion.
Hence, many worry the withdrawal may cause a huge ETH price dump; meanwhile, some think the upgrade may be bullish for the second-largest token in the long run.
Presently, the ETH price is displaying acute strength, and a breakout beyond the major resistance just above $1890 may pave the way for giant price action.
The ETH price since a fortnight has been following a pre-determined trend of consolidating for about a week and is undergoing a giant price action ahead. With this calculated approach, the price has managed to rise from $1700 to the current level. Currently, the price is about to break yet another consolidation, which may raise the levels beyond $1919 very soon.
A bounce from the aforementioned levels could trigger another 10% jump to leap beyond $2000 and reach the crucial resistance level of $2022. Presently, the token has confirmed a rising demand from buyers as it has tagged a 4-hour fair value gap (FVG). Therefore, if the price holds up this weekend, a bullish move may be triggered, which may keep up the bullish momentum throughout the coming week.
Besides, the bullish scenario may be invalidated when the Ethereum (ETH) price slides below $1800, which may lower the price close to $1700.
Source: https://coinpedia.org/price-analysis/ethereum-price-back-in-the-bottom-range-is-2000-on-the-cards/