Prediction: Will the Ethereum Price Break $2,000? Not Before Wall Street Memes Hits $12.5 Million
The price of Ethereum (ETH) has dipped slightly today, dropping to $1,954 as the cryptocurrency market as a whole rises by 0.5% in the past 24 hours.
ETH is now up by 4% in a week and by 13% in the past fortnight, following the weekend's jump beyond $1,900, which now puts it up by 83% in the last 12 months.
However, ETH holders are now hoping for the altcoin to make its long-awaited ascent to $2,000, a price it hasn't held since April.
It's unlikely to reach this price in the short-term, given the current instability of the market, while other milestones – such as Wall Street Memes (WSM) hitting $12.5 million in its presale – are likely to happen first.
ETH's indicators are in a strong position, suggesting that its rally of the past few days still has some momentum left.
For one, its relative strength index (purple) has begun pointing upwards again after dipping a little from 70, implying that more buying pressure could enter soon.
Likewise, ETH's 30-day moving average (yellow) is still rising higher above its 200-day average (blue), a move which points towards further gains, even if a correction may be needed eventually.
It's also encouraging to see that the altcoin's support level (green) has risen considerably in the past couple of weeks, meaning that even if ETH's current rally loses steam, it's unlikely to fall particularly far.
However, because ETH's indicators have been in a high range for several days, it can't be ruled out that the cryptocurrency suffers a dip before it can break through $2,000.
As such, now may not be the exact time to buy Ethereum, with investors potentially being better off waiting until it has finished correcting.
In the meantime, traders may prefer to look to other opportunities in the market, with
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