Here’s what it will take for Ethereum (ETH) to reclaim the $2,000 level
- The Shanghai upgrade
- Bitcoin’s dominance on the rise
David Keller, President of Sierra Alpha Research, took to social media to comment on Ethereum’s performance in the market, expressing his bullish sentiment.
As noted by Keller, the second-largest cryptocurrency has undergone a substantial rally, surging by 60% from its June 2022 nadir amid a market-wide recovery.
However, Keller believes that the true test for Ethereum will come when it finally breaks through resistance at $1,700.
If Ethereum can overcome this obstacle, Keller thinks that it has the capacity to reach new peaks, possibly soaring to $2,000 or higher.
The Shanghai upgrade
Ethereum has been in rally mode ahead of the upcoming Shanghai upgrade, which is expected to be delivered in March. The much-antiicpated upgrade will make it possible to withdraw staked ETH tokens.
Bitcoin’s dominance on the rise
Despite this uptick in the Ether price, Bitcoin, the biggest cryptocurrency, has been recovering its previously lost dominance in the crypto market.
Bitcoin now accounts for more than 42% of the entire crypto market capitalization, which currently stands at slightly above $1 trillion, according to data provided by CoinMarketCap.