Veröffentlicht von • Bitcoin and the broader cryptocurrency market have seen a rally with the BTC price surging to $23,000.
• Ethereum (ETH) has also seen a meteoric surge with its price shooting past $1,600.
• Popular crypto analyst Michael Van de Poppe expects the ETH price to rally to $1,700-1,730 before facing strong rejection.
The cryptocurrency market has been experiencing a surge in prices over the past few weeks, led primarily by Bitcoin (BTC). As of this weekend, the BTC price has surged all the way to $23,000, representing a 33% increase since the start of the year. This surge has been attributed to the large whale tier group of addresses holding 1,000-10,000 BTC, which collectively accumulated $1.46 billion worth of BTC in the past 15 days.
As Bitcoin was leading the charge, it was soon followed by its closest competitor, Ethereum (ETH). The price of ETH has shot past $1,600, also representing a 33% increase since the start of the year. However, the question now is whether this bullish momentum can push ETH to the psychological level of $2,000.
According to popular crypto analyst Michael Van de Poppe, the ETH price can continue towards $1,700-1,730 before facing a strong rejection. He believes that the current rally will exhaust itself and face rejection, however it will still be able to reach the mentioned price levels. He also warned that if the Relative Strength Index (RSI) fails to support the current rally, then ETH may not even reach the $1700-1730 levels.
Overall, Bitcoin and Ethereum have both seen significant price increases over the past few weeks, with the BTC price reaching $23,000 and the ETH price shooting past $1,600. While some speculators are expecting the ETH price to reach the psychological level of $2,000, it remains to be seen whether the current rally will be able to sustain itself and reach the mentioned levels.