The surge in digital currencies, triggered by the decline of three major US banks, had a significant impact on Ethereum as well.
The altcoin’s value increased by 25% during the week, with prices reaching the $1,800 mark, according to a cryptanalyst. Michael van de Poppe identified $1,850 as a crucial resistance level that Ethereum needs to overcome.
The analyst expects the cryptocurrency to retrace back to the range between $1,680 and $1,725 after reaching this level.
However, he anticipates that the price will eventually soar to $2,000. Recently, Ethereum peaked at $1,844.48, an impressive feat that was driven by a 0.49% surge against Bitcoin on March 19.
Ethereum’s performance over longer timeframes is even more impressive, with gains of more than 12% in a week and over 11% in a month.
This is partly due to the growth in trading volume over the past two weeks. At present, ETH’s market capitalization stands at just over $218 billion, which is a positive development. Two weeks prior, Van De Poppe had predicted that BTC could drop to the $19,700 area.