Ethereum ($ETH), the top altcoin, has again secured a notable place in the crypto market with a staggering rise. As per IntoTheBlock, the market capitalization of Ethereum has surged by 12% over the recent 24 hours, indicating its robust price trajectory while it inches closer to the $2,000 mark. The crypto analytics provider took to social media to discuss Ethereum’s current optimistic outlook.
Ethereum Set to Reach $2,000 Amid Notable 12% Increase in Market Cap
In line with the on-chain analytics, Ethereum ($ETH) is facing a modest price resistance level with the key sell wall standing at nearly $1,860. This is the resistance zone that includes Ethereum addresses in a great concentration. An effective breakthrough above this range could lead to a relatively pronounced price rally toward the $2K mark. $2,000 denotes a psychological price level, and reaching it could signify a bullish momentum.
The market statistics disclose that the In/Out of the Money Around Price analysis marks $ETH holdings at diverse price levels. Additionally, the key insights highlight the $1,571-$1,623 price range as the area with the strongest support for Ethereum. Within this range, massive holder volume is positioned.
Successful Surge Above $1,860 Could Lead $ETH to $2K
According to IntoTheBlock, while Ethereum ($ETH) is hovering around $1,782. As this level is situated between the aforementioned key support range, the upcoming days will be important in gauging the potential price movement of Ethereum. If $ETH successfully breaches the sell wallet at $1,860, its path toward $2,000 would become easy.
