Will Ethereum Breach $2,000 Before The Merge?

Ethereum posted a significant upward movement in the last month following the announcement of the merger. The most specific launch time in September saw the market rally around the altcoin, driving it up exponentially. With each day, the consolidation is getting closer, and Ethereum is testing another technical level. This time around, the cryptocurrency has set its sights on the $2,000 level with it still trading in the green.

Will ETH reach $2000?

Ethereum’s latest breakout above the $1,900 level has laid the foundation for a larger bounce higher. This time around, ETH is looking towards the important technical level of $2,000 as the bears are now starting to take their position.

However, despite the increased resistance, the accumulation trend in ETH provided strong impetus to it. The past 30 days alone have seen a digital asset add more than 50% to its value, but the bulls aren’t satisfied with that.

The data shows that Ethereum whales are taking advantage of lower prices and increasing their investment. One whale has bought nearly $1.7 billion in ETH futures contracts in the past weeks, and others have been shaken to follow suit.

Ethereum price chart from TradingView.com

ETH jumps above $1,900 | Source: ETHUSD on TradingView.com

The net exchange flows are also showing a similar build-up as investors look to get ETH off the central exchange. In the last 24 hours, $739.3 million in ETH moved from CEXeswhich left a negative net outflow of -156.7 million dollars for the day.

Ethereum integration drives growth

At this point, it is no longer a secret that the Ethereum consolidation is behind the recent growth. There has been increasing anticipation about the upgrade, with investors having mixed feelings about what will happen next, but one thing that has remained consistent is the upside towards consolidation.

As expected, there was massive support for Hard Fork, which is expected to happen after the merger, but ETH PoS still received massive support. More users also flocked to participate in ETH before the merger, which led to a record ETH. At this point, about 10% of the total ETH supply is suspended.

There is no certainty what will happen to the ETH price once the upgrade is complete. The price can move in either direction, depending on investor sentiment towards the digital asset. However, there is still consensus that the move to Proof of Stake is a pivotal event for the network to move towards more widespread adoption.

Featured image from MARCA, chart from TradingView.com

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