- Ethereum’s rapid rise past $2,000 surprised traders, signaling strong short demand and a shift in market sentiment.
- Traders are now eyeing the $2,550 target, linked to a March reserve pump, as Ethereum nears this key price level.
- Caution remains as the market watches for a potential pullback to the $2,080 support level, offering entry opportunities.
Ethereum has broken past the $2,000 mark at a remarkably fast pace, leaving many people shocked. The assumed slow climb was a fast rally instead, and Ethereum blew past pivotal resistance levels in a single day. This rapid change of tide indicates a strong short demand that materialised in the market, a signal of essential change of sentiment.
Daan Crypto Trades highlighted that reaching new peaks, the pace at which Ethereum did so surprised many traders. Although an increase above $2,000 was anticipated in the long term, the market’s rapid rate has been revolutionary. This surprising move reveals the extent of the accumulated demand under the surface. The sudden jump, therefore, has created excitement and caution in trading circles with many wondering how sustainable this momentum will be for the future.
Source: X
Ethereum’s Next Move
Speculation is on the rise that Ethereum might chase the $2,550 target. This price target is tied to a strategic reserve pump from March, with recent price movement almost getting to this level. ETH’s getting close to the $2,550 level has meant it has come to be a main concern for traders who now track to find out if the price will go upward and towards this objective.
The market has caution in face of the intense price movement. There is still a possibility of pullback with the emergence of the $2,080 range as a support level. If ETH backs out to this point, it could be an opportunity for people to enter the market at a lower price. As a critical point to open long positions, traders are paying closer attention to this level.
Cautious Market Sentiment
For now, some traders are being more cautious and are waiting for the next moves of the market. Some of the positions have been reduced in order to pull money out in case of a steeper correction. However, a lot still dangle off Ethereum awaiting more gains. Traders have been exceptionally keen to know whether the rally will continue after the recent price activity over the past 1-2 days. As of press time, ETH is trading at $2,367, showing a 23.71% increase over the past day.
Source: TradingView
With Ethereum heading toward the $2,550 target, traders will have to be on guard for the market’s behaviour. The next few days are the key to whether Ethereum can continue to surge or fall back towards a retracement.
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