- Summary:
- Ethereum price has returned to a critical psychological support. We discuss its probability of staying on the upside.
Ethereum price reclaimed the $2,000 level on Wednesday, with the broader financial markets readjusting ahead of a Fed interest rate decision. The crypto coin traded at $2,033 and up by 5.2% at the time of writing, recording its largest single-day gain in seventeen days.
Wednesday’s gain was the first time since end of January that ETH has registered three successive daily gains. The crypto coin has been on rough waters in 2025 and is down by 38% year-to-date. Therefore, a return to the $2k level is a significant psychological boost for ETH price upward traction. However, the coin is still marginally below Volume Weighted Moving Average (VWMA) level, and that could subdue its gains.
Ethereum has also struggled in the spot ETF market, and is on a ten-session losing streak. A return to the upside will likely trigger increased investor appetite, and could help Ethereum price stay on the upside.
Ethereum’s open interest rose by 10.4% above its level 24 hours earlier. That affirms a strong investor inclination towards ETH, which will likely create a support for the coin’s upside trajectory. However, its DeFi performance is still lagging behind, and that could limit the upside. According to DeFiLlama, Ethereum chain’s Total Value Locked (TVL) was down by 3.7% in the 24 hours leading to this writing.
Ethereum Price Prediction
Ethereum price pivots at $2,015 and the upside will continue if action stays above that level. With the buyers in control, the next barrier will likely be at $2,060. A stronger momentum will clear that barrier and could take the action higher to test $2,100.
Conversely, the momentum will shift to the downside if the price breaks below $2,015. With the sellers in control, ETH price will likely find its first support at $1,976. Breaking below that level will invalidate the upside narrative, with the resulting momentum potentially extending the downside to test $1,930.
