• Bitcoin recently hit its all-time high at $23k, with the crypto market cap crossing the $1 trillion mark.
• Ethereum (ETH) is also showing strong gains and has surged past $1,600.
• Crypto analyst Michael Van de Poppe expects the ETH price to rally further to $1730 before facing strong rejection.
The crypto market is buzzing with activity as Bitcoin’s price recently surged to its all-time high of $23,000 and the broader crypto market capitalization crossing the $1 trillion mark. This is the first time in five months since August 2022 that the crypto market has seen such a bullish move. Over the past weekend, Bitcoin’s price has gained by over 33 percent, and along with it, the second-biggest cryptocurrency Ethereum (ETH) has also seen a meteoric rise with its price shooting past $1,600.
On-chain data provider Santiment has reported that the large whale tier group of addresses holding 1,000 to 10,000 BTC has collectively accumulated 64,638 (1.46 billion) BTC in the past 15 days. This influx of large capital into the market has been a major factor in the surge of the Bitcoin price.
Now the question remains for Ethereum investors is can this bullish momentum push ETH to $2,000? The current analysis by experts shows that trend exhaustion could be underway. However, popular crypto analyst Michael Van de Poppe expects the ETH price to rally further to $1730 before facing strong rejection. In his recent tweet, he wrote that ETH can „continue towards $1,700-1,730 before rejecting“.
It remains to be seen if Ethereum will be able to reach the psychological level of $2,000 before the end of January. Only time will tell if the crypto market will maintain its bullish momentum or if it will pullback to its previous levels. In the meantime, investors should remain cautious and only invest what they can afford to lose.