• Ethereum (ETH) has gained 39.42% since the start of the year, with interday trading highs of $1,689.
• President of Sierra Alpha Research, David Keller believes that if ETH manages to break above the resistance at $1,700 then the journey to $2k would be clear.
• The testnet for Ethereum’s Shanghai upgrade is expected to be delivered next month, giving hope for a successful reclaiming of the $2,000 mark.

Ethereum (ETH) Spikes 7%

Ethereum (ETH), like most of the cryptocurrency market, has been on an uptrend since the start of 2023 and is currently closing in on $1,700. The 24-hour price chart for ETH shows it gaining 7% in 24 hours after hitting interday trading highs of $1,689. Since the beginning of this year, Ethereum has gained 39.42%.

Conditions Needed For Bull Run

President of Sierra Alpha Research, David Keller expressed his bullish optimism about Ethereum and believes that if ETH manages to break above its resistance at $1,700 then it will have clear way towards reaching its next milestone – $2k.

Testnet For Shanghai Upgrade

The testnet for Ethereum’s much-anticipated Shanghai upgrade is expected to be delivered next month which could further fuel its rally all the way up to reclaiming its previous high at $2k.

Bearish Outlook Invalidated?

If short-term bullish outlooks are invalidated then we should expect ETH’s price to fall below $1,512.

Why You Should Care

With several factors aligning in favor of Ethereum as well as increasing blockchain developer numbers and activity on its platform there is reason to believe that it will outperform other cryptocurrencies in 2021 and beyond and reclaim its previous high at $2000 mark.