After days of bearish control, the cryptocurrencies have now unleashed the negative trend and found some space in the bull run. While Bitcoin has surged by 2.55% in the last 24hrs, Ethereum has seen massive gains with 8.46% overnight.
The news about Ethereum Merge being scheduled on Sept 19 is gaining attention among Ethereum investors and traders and this is one of the reasons for the asset to see price gains.
July 20 was the day when Ethereum saw its leg up above $1,600 hitting $1,620, but the currency dropped below $1,400 the very next day. Today, July 22, Ethereum has yet again found its bull trend and has surged above $1,600 trading at $1,626.
Analysts Take On Ethereum Price Surge
Considering this positive move from Ethereum, analyst Rekt Capital says that Ethereum’s weekly close above $1,300 was an important move to see further gains
On the contrary, another crypto trader anonymously known as Team Lambo in Twitter, predicts Ethereum to drop 10% after hitting $1,630
Meanwhile, Altcoin Sherpa provides lower support levels at $1,012 and $1,281 and claims upper resistance at $1,701 and $2,145
Ethereum Price At $2,000?
As per the reports, as the lead altcoin has gained nearly 65% since July 13, there is a high chance that the currency will hit a local top if $1,700 is acquired.
As per the industry experts, there are two important criteria for Ethereum to see further profits. First, whether Bitcoin price decides to surge or trade sideways, the sentiment around the flagship currency must remain bullish. The second condition is that Ethereum should convert its crucial price level, $1,700 into a support area.
If these above conditions are met, then Ethereum could easily grab the $2,000 level again and move towards immediate resistance at $2,158
However, suppose the above-said conditions are not met and Ethereum fails to surge above $1,700, then we could see the currency landing at $1,543 and then $1,282
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