Ethereum price prediction: The crypto market experienced a slight uplift, courtesy of Grayscale’s triumph over the SEC. While some investors cashed in their profits, a majority of the cryptocurrencies continued to reflect bullish tendencies. Ethereum is now under the microscope, with many wondering if it will hit the $2,000 mark before January 2024.
Why is Ethereum Price UP?
After consolidating briefly around the $1,650 mark, Ethereum leaped towards $1,750, registering a remarkable increase of more than x% in just 24 hours. While some profit-booking did take place, the price has now stabilized around $1,705. The rally can be attributed to Grayscale’s successful lawsuit against the SEC, which has reignited the flame of hope for wider cryptocurrency acceptance.
What is Grayscale Investments?
For those unfamiliar, Grayscale Investments is not a new player on the block. Established by Barry Silbert in 2013, it has been a giant in the digital currency asset management space. As of my last update in September 2021, Grayscale was recognized as one of the dominant institutional holders of Bitcoin, among other cryptocurrencies.
Ethereum Price Prediction: Will Ethereum reach $2,000?
The million-dollar question: Will Ethereum climb to $2,000? All signs seem to lean towards a positive trajectory. If Ethereum can consistently hold above the $1,700 price level, we might witness a steady climb towards the coveted $2,000 mark. This optimism stems from Ethereum breaking through a significant medium-term resistance, generally seen as a bullish sign. However, like any financial forecast, there are caveats. Should Ethereum fall below $1,680, the scenario could change, dragging it down to a range between $1,600 and $1,650.