After Bitcoin hits $23,000, is Ethereum on course to hit $2,000 until the end of January?

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Source: Wit Olszweski – Shutterstock

Ethereum is gaining strong momentum and could rally further to $1730 in the chart high formation. If the strength of the RSI continues and supports the current rally, ETH may retest the psychological levels of $2,000.

Over the past weekend, Bitcoin and the broader cryptocurrency market continued their rally with the price of BTC hitting $23,000. So far this month, Bitcoin has already gained over 33% with a few altcoins recording an even bigger rally and taking the crypto market capitalization above $1 trillion.

This is the first time in the last five months since August 2022 that the price of BTC has touched these levels. According to on-chain data provider Santiment, this price rise was supported by a large accumulation of whales. The data provider noted:

The price rally came as the large group of whale-level addresses holding $1,000-10,000 BTC collectively accumulated $64,638 ($1.46 billion) BTC over the past 15 days.

Along with Bitcoin, its next competitor Ethereum (ETH) has also seen a meteoric rise with its price surpassing $1,600. Since the beginning of 2023, the price gains of ETH have mirrored those of Bitcoin, i.e. 33% gains.

However, the biggest question among investors is whether this bullish momentum can push ETH to $2,000? Although the bulls appear to be in control, recent expert analysis shows that trend exhaustion may be underway. However, popular crypto analyst Michael Van de Poppe expects ETH price to rally a bit more before facing strong rejection. In his recent tweet, he wrote that ETH may “continue towards $1700-1730 before rejecting”.

#Ethereum is also facing resistance here but will likely continue towards $1700-1730 before rejecting. pic.twitter.com/W1PLgBjKlV

— Michal van de Poppe (@CryptoMichNL) January 21, 2023

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If the bulls can follow the momentum, ETH may create a higher high going forward. But if the buyers fail to gain momentum, we can expect a moderate reversal in the trend. For the bears to steal momentum from the bulls, they need to push the price of ETH below $1,568.

Can the price of Ethereum (ETH) touch $2,000 in this rally?

Some market experts continue to believe that the uptrend of Ethereum (ETH) is not over yet. ETH bulls need to stage a bounce to force the RSI to create another high in the overbought region. If the RSI levels support the surge, any bearish momentum will be refuted and this would force ETH to retest the psychological $2,000 levels.

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At press time, ETH is trading 0.33% higher at a price of $1,624 and a market cap of $199.9 billion. On the other hand, Ethereum developers are all gearing up for the Shanghai upgrade, which is expected to happen by the end of February. The Shanghai upgrade will unlock all ETH staked in the Beacon Chain, resulting in a greater supply of ETH in the market.

According to details provided by on-chain data provider Glassnode, a total of $16.101 million ETH is staked on the #Ethereum Proof-of-Stake beacon chain (13.4% of traffic). “Of this amount, $11.408 million ETH comes from staking service providers, which is 70.86% of the total,” they added.

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