Ethereum on the Verge of Breakout: Is $2000 on the Cards?

Ethereum Price Analysis

• Ethereum price is displaying strength and a breakout beyond the major resistance just above $1890 may pave the way for giant price action.
• The Shapella upgrade on April 12, 2023 may cause a huge ETH price dump or be bullish in the long run.
• If the price holds up this weekend, a 10% jump to leap beyond $2000 could occur.

Consolidation and Upcoming Support Level

The crypto markets seem to have attained some stability with Bitcoin trading above $28k and Ethereum approaching $1900. This signals a bullish outlook for the entire crypto space while acute consolidation is expected to continue along their respective resistance levels. The upcoming Shapella upgrade on April 12, 2023 will enable withdrawal of 18 million staked ETH worth around $33 billion, which may cause a huge ETH price dump or be bullish in long run.

Expected Price Action

Ethereum has been following a pre-determined trend of consolidating for about a week before undergoing giant price action ahead. This has allowed it to rise from $1700 to its current level just below $1919. If the Ethereum price manages to break out of this point and hold up over the weekend, it could result in another 10% jump taking it beyond $2000 towards its crucial resistance level of $2022. Buyers have confirmed rising demand as evidenced by the 4-hour fair value gap (FVG) confirmation, which means that if all goes well, there should be enough bullish momentum throughout next week too.

Risk Factors

The Shapella upgrade carries some risk factors as there are concerns whether it will cause an ETH price dump or remain bullish in long run. As such, investors should keep an eye on these developments before investing heavily into Ethereum during this time period as any unexpected event can drastically affect its market value.

Conclusion

Ethereum stands at an interesting juncture right now where if current trends persist then we can expect prices to break out from current levels and reach up to around$2000 soon enough. However investors must take into account risk factors related to upcoming upgrades before making any investment decisions regarding Ethereum at this point of time for maximum profit potentials going forward.