The Federal Reserve raised interest rates by 25 BPS on Wednesday and the markets reacted positively to the development. After the FOMC meeting, Bitcoin climbed above $24,000 and Ethereum is gearing up to reach the $1,700 mark. The overall cryptocurrency markets remain in the green making way for February to rally substantially.
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Ethereum Could Reach $2,000: Under This Condition, Says Trader
David Keller, President of Sierra Alpha Research, claims Ethereum could reclaim $2,000 under one condition. The condition is simple: ETH should continue the momentum and break its resistance level of $1,700.
Ethereum was rejected near $1,700 on Thursday making it briefly retrace in price to $1,675. The world’s second-biggest cryptocurrency with a market cap of $201 billion needs to begin accumulating at its current levels to catapult above $1,700.
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If Ethereum breaks through above $1.7K, the path to reach $2,000 could be clearer in the next leg, claims Keller.
“Certainly an impressive run for Ethereum with ETH/USD up about 60% from the June 2022 low. Do you know what would be really impressive? A follow-through above resistance at $1,700, which could clear the way to $2K and beyond,” said Keller.
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ETH is up nearly 38% since the start of January and Wednesday’s positive FOMC meeting could allow the asset to continue its rally.
If Bitcoin goes above $25,000 and Ethereum reaches $2,000, leading altcoins could reach new monthly highs. In addition, enthusiasm would be back in the markets leading to investors pouring new money with the hopes of earning decent profits.
At press time, Ethereum was trading at $1,675 and is up 5.7% in the 24 hours day trade. ETH is down 65.7% from its all-time high of $4,878, which it reached in November 2021.