In 2021, Ethereum saw a tremendous bull run that sent the price to a record high of $4,891.70. Then, after the bear market, the cryptocurrency began a downward trajectory. After the massive crypto market collapse of 2022, 2023 brought fresh promises of another price increase for investors, as its price was trading in the green zone in January.

While the cryptocurrency market rebounds from the weekend’s selloff, ETH has seen a 4.5% increase in the last 24 hours. With its current price of $1,645.33, it has gained more than 39.5% from the beginning of 2023. With the Shanghai upgrade coming soon, the deflationary nature of the cryptocurrency after the merger, and the rising rate of adoption, the cryptocurrency is set for explosive growth in the years to come.

According to the crypto’s technical analysis, the market is steadily forming a bullish trend. A few days ago, the relative strength index (RSI, seen in purple on the chart) was at an oversold 30 before making a sharp ascent to 60. The 30-day moving average for the coin (in red) has crossed above the 200-day average (in blue), indicating the potential for a new bullish trend.

Given the unpredictability of the crypto market, however, the longevity of such a fad cannot be predicted. Nevertheless, the positive trend has more staying power if the ETH price is able to breach the $1,700 barrier mark.

Ethereum has a high probability of breaking over the resistance level shortly, especially in light of its goals for 2023 and beyond. A catalytic event, such as the Shanghai upgrade, followed by growing acceptance, may send the price soaring beyond the resistance level and on to the next objective.

After ETH prices surpass $1,700, the crypto expert believes they have the ability to reach $2,000 by the second half of the year and $2,500 by the beginning of 2024.