Ethereum price fluctuates around $1.900: can ETH reach $2.000?

Ethereum is currently hovering around $1.900 and stands at $1.920 at the time of writing, an increase of 0.3% over the past 24 hours. Analyst TedPillows sees opportunities for an upward movement towards $2.000, partly thanks to sustained purchases through Ethereum ETFs.

Ethereum is available at OKX and Bybit.

In brief:

• Ethereum is moving around $1.900 with a slight daily gain of 0.3%
• ETF purchases point to growing institutional demand for Ethereum
• Analyst TedPillows expects a rise towards $2.000 if the price stays above $1.900

ETF purchases as a sign of institutional demand

Ethereum ETFs are showing purchases, indicating that institutional parties find the current price levels attractive. Earlier, Bitcoin and Ethereum ETFs together already raised more than $300 million in a single day, showing that interest from large investors has persisted recently.

There is also movement within the sector itself. For instance, Grayscale wants to stake almost all of the Ethereum in its staking ETF, which could further increase pressure on the available supply. That combination of demand and shrinking supply could have a positive effect on the price.

Technical analysis: two scenarios

TedPillows shares a daily chart showing two possible scenarios. In the optimistic case, Ethereum rises above the $1.965 resistance, the price then tests the level around $2.030 and subsequently continues towards $2.200. The second scenario, on the other hand, shows a pullback towards support levels around $1.815, $1.705 and possibly even $1.545 if the current resistance zone does not see a breakout.

The analyst states that as long as Ethereum remains above $1.900, a rally towards $2.000 is realistic. The coming days will therefore be decisive for the direction in the shorter term. Earlier this year, Ethereum was still deeply in the red, which is why the recovery towards $1.900 is already seen as a positive development by part of the market.