The Ethereum (ETH) cost has moved past $2,000 in the midst of the biggest altcoin rally up until this point this year. The second biggest crypto by market capitalization is right now exchanging at $2,006 after a 7.15% move up in the beyond 24 hours.

This is the first time ETH has traded above $2,000 since falling below it in May 2022, with the exception of a brief spike above $2,100 in April 2023.

The increase has been swift and could be a sign of things to come, as ETH moves to a new yearly high and beyond.

How much longer will the price of Ethereum (ETH) rise?

The ETH cost made a bullish inundating candle yesterday. This is a bullish candlestick in which a large candlestick in the opposite direction cancels out the entire decrease from the previous period.

The development made the cost recover the $1,950 even region, which is probably going to go about as help once more. Additionally, this is a bullish sign indicating that the increase will continue.

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Additionally, the daily RSI is bullish. While assessing economic situations, merchants utilize the RSI as an energy pointer to decide whether a market is overbought or oversold, and to choose whether to collect or sell a resource. The marker skipped at the 50 line (green symbol) and is currently expanding. Both are indicators of an upward trend.

Both the wave count and the price action on the short-term chart suggest that the rise will continue. The wave count shows that ETH is probable in wave three of a five-wave increment that started on June 15. The strongest bullish wave is typically wave three. On the off chance that it arrives at the 2.61 expansion of wave one, ETH will arrive at a high of $2,440.

Furthermore, the price action shows that the ETH price broke out from an ascending parallel channel, meaning that the increase is not corrective.

A decline below the wave two low (red line) will indicate that the trend remains bearish, despite this bullish ETH price prediction. All things considered, a decline to $1,600 will be normal.

Is Altseason Back in Play?

The Bitcoin Predominance Rate (BTCD) arrived at another yearly high of 52.15% fourteen days prior. After BTCD broke out of the 48% horizontal resistance area, the high occurred.

In any case, BTCD was dismissed by the 0.382 Lie retracement level and fell pointedly this week. It appears to be that a nearby top is set up and BTCD will presently tumble to the 48% region, approving it as help. The response once it arrives can decide the future pattern’s heading.

BTCD can resume its upward trend to 58% if it bounces. Nonetheless, assuming it separates, it will imply that the past breakout was a deviation and new lows will follow.