Ethereum Price Prediction: A Climb to $2,000 Seems Inevitable

Summary:

In this Ethereum Price prediction, we explain why a climb to $2,000 seems inevitable at the current price range and what to expect

Ethereum price soared in overnight trading as demand for the Decentralized Finance (DeFi) projects continued to rise. The ETH price reached an all-time high of $1,703, bringing its market capitalization to more than $188 billion. Other currencies like BTC, Polkadot, and Litecoin also rallied.

What happened: Ethereum’s network is the most dominant in the development of decentralized finance (DeFi) projects. These products are attempting to quickly transition the world of finance from one controlled by a small group of people like bank CEOs to one controlled by users.

The total value locked in the industry rose to more than $32 billion for the first time yesterday. It started the year at about $21 billion. This is notable since the biggest DeFi projects are built using Ethereum’s network.

Ethereum price prediction

Early this week, I wrote that the ETH price was about to skyrocket. I pointed to a cup and handle pattern that had been forming. At the time, the price was below $1,500. So, what happens next?

When you measure the distance between the top and bottom sides of the cup and handle pattern, you realize that the Ethereum price could rise to above $2,800 in the long term.

However, in the short term, ETH bulls will start targeting the important resistance level at $2,000. This is about 20% above the current price. Still, I anticipate some resistance before this happens. The invalidation point for this prediction is if the price manages to drop below $1,400.