Ether showed a few signs of pursuing a bull run towards $2K on Wednesday after it flipped several resistance levels into interim supports.
The top altcoin had tanked wildly over the weekend to a multi-week low of $1,356, as bears envisioned further declines that would curtail the recent ETH price uptick. During that market-wide correction, the ETH coin shed up to 30% of its valuation in just two days.
As of this article’s writing, the ETHUSD pair is up 4.59% to trade for $1,653.
ETHUSD Chart By TradingView
An Opportunity To Buy The Dip
Even as some ETH investors panicked and offloaded their holdings as prices crashed last week, analyst Michaël van de Poppe saw the price correction as an opportunity to buy the dip.
He advised traders to take advantage of the selloff to accumulate coins, given the crypto market’s overall bullish outlook against mounting global economic turmoil.
As buyers started coming back into the market, ETH bulls finally managed to turn the tables on bears, as they shattered $1,475 on Wednesday. This level has long acted as a stubborn resistance that stopped Ether from extending its rally all across January.
The upside move saw ETH price surmount a sequence of hurdles until it finally broke above the $1,600 psychological level.
One pseudonymous analyst on Twitter now expects the second-largest cryptocurrency to continue higher as the bulls eye an extended run-up to $2K.
“[I’m] expecting to see a retest of $1,750 today and for $1,600 to be flipped back into support. The previous wick high from the previous range around $1475 is back acting as support,” the analyst predicted.
Why ETH Price Could Reclaim Record Highs
Besides the bullish prediction from analysts, one credible fundamental support ETH’s rise above $2,000 shortly.
Ethereum developers recently announced the long-awaited Berlin hard fork will take place ahead of schedule on April 14 at block height 12,244,000.
This upgrade is expected to solve the issue of crippling transaction fees on the network by facilitating live swapping of ETH tokens from a PoW blockchain to a PoS chain.
The notorious gas fees problem threatens to make many Ethereum-based projects such as DeFi protocols virtually unusable by the average crypto holder. Even worse, the high gas ecosystem could drive crypto ventures to rival blockchains such as the emerging Binance Smart Chain (BSC).
The Berlin fork represents a positive step towards transforming the ETH network into a cheaper, more scalable network. The upgrade could cement Ethereum’s position as the go-to ecosystem for DeFi and generate increased utility and value for the Ether token.