Ethereum (ETH) Price Predictions Following the Push Above $2,000

TL;DR

• Industry participants suggest Ethereum’s rebound from $2K could mark the start of a major uptrend, with some predicting a surge to new all-time highs above $8,000 in the coming months.

• Despite bullish momentum, ETH’s rising RSI and increasing exchange inflows indicate potential selling pressure, hinting that another correction might be on the horizon.

New Bull Run Incoming?

The second-largest cryptocurrency in terms of market capitalization has been one of the big disappointments of the latest bull run.

The price briefly surged past $4,000 in December last year and has been on a massive decline ever since. Earlier this month, ETH collapsed below $1,800 for the first time since October 2023.

The pain for the bulls continued as the price remained below $2,000 in the past week or so. Several hours ago, though, the valuation finally reclaimed the psychological level, registering a 7% increase on a daily scale.

This triggered speculation from numerous market observers that the bearish trend could soon be replaced by a period of serious resurgence. 

The X user Jelle claimed that ETH has bounced “right where it matters” at the key support of $2K. The analyst suggested that the price now has the potential to turn this into “a solid reclaim or a bearish retest.”

Rekt Capital also noted the price revival. They assumed a possible “strong reaction here” could fuel a rally to the macro range of $2,196-$3,900. 

“If ETH does this before the March Monthly Close, then this entire sub-$2200 downside would end up as a downside wick,” they forecasted.

Last but not least, Crypto Patel described the sub-$2,000 zone as “a massive buying opportunity for those looking at long-term gains.” They also predicted that ETH could rise to a new all-time high of over $8,000 in the following months. 

Not so Fast…

Despite the bullish projections following the rally above $2K, some key factors signal that a new pullback is also possible.

ETH’s Relative Strength Index (RSI), for instance, has climbed to the bearish zone of 70. The technical analysis tool measures the speed and change of price movements, and readings above this level suggest that the asset might be overbought and headed toward a potential correction.

Ethereum’s exchange netflow should also be mentioned. Over the past week (according to CryptoQuant), inflows have surpassed outflows, signaling a potential shift from self-custody methods toward centralized exchanges. This, in turn, increases the immediate selling pressure.