Ethereum price prediction: ETH/USD pair has consolidated above $2,000
Ethereum price prediction: ETH/USD pair has consolidated above $2,000
Ethereum managed to consolidate above the $2,000 level and even made the first test of the resistance area at $2,130. These gains come amid increased attention to BlackRock's launch of the first ETH-based spot ETF.
Investors are closely watching developments and awaiting the possible approval of spot ETFs on BTC by the U.S. Securities and Exchange Commission (SEC). This could happen on November 17, and Ethereum and other altcoins will also feel the positive effects.
However, the SEC may postpone the decision date again, so the approval of spot ETFs is not guaranteed.
Following the release of strong U.S. CPI data and slowing inflation, investors may turn to riskier assets such as BTC and ETH. Geopolitical tensions over the military conflict between Israel and Hamas are also contributing. Traders will focus on safe-haven assets such as gold as well as cryptocurrencies, with ETH and BTC being the top contenders.
The crypto community is also watching the comments of Steven Nerayoff, one of the first Ethereum insiders. His accusations concern Vitalik Buterin's alleged unethical behavior at the beginning of Ethereum's distribution. He alleges that fraudulent initial coin offerings (ICOs) were conducted, which played a significant role in hindering the growth of the broader cryptocurrency sector.
ETH is currently trading at $2,060.99, up 4% overnight.
If the ETH/USD pair can hold above the $2,000 level, the uptrend will continue, especially since the bulls briefly lost support (CPI) on Tuesday. Support above $2,000 would mean that Ethereum has the momentum to maintain the uptrend.
If Ethereum falls below $2,000 support, it could lead to a sell-off as traders who bought at the $1,900 level decide to protect their profits and avoid liquidation.
Read also: Bitcoin overcame the $37,500 level.
