Ethereum Price Prediction: ETH Holds $1,840 as the Only Major in Weekly Green - Is $2,000 the Next Magnet?

TradingKey - For most of the year, Ethereum has been overshadowed by Bitcoin’s performance and every other thing going on in the global finance market. However, in the recent crypto market recovery run, Ethereum has quietly stolen the show this week. 

From leading the market recovery, Ethereum price has also shown remarkable resilience amidst choppy price action. While other top cryptos have lost their recovery gains from last week, Ethereum remains the only major deep in the green. 

Ethereum is up more than 4.3% on the weekly timeframe, while Bitcoin and other top altcoins have lost their gains. If the ETH price does not cross below this support level, then perhaps this will be the signal that attracts Ethereum towards the $2,000 mark? Let’s find out. 

Why the Ethereum Price Level At $1,840 is Key

To understand where Ethereum is going, we have to look at where it just refused to fall. This $1,840 mark has been a definite battle. This price level is an important technical support and resistance area for Ethereum and can significantly influence its price movement. 

In the past couple of weeks, bears have attempted to break ETH below this floor several times. The buyers always showed up to the rescue. When the bulls are holding $1,840, it’s a huge positive for Ethereum. 

It formed a solid base, essentially telling the market that the downside is limited for now. By printing a green weekly candle while the rest of the majors bled or stayed flat, ETH proved it has independent strength. It is no longer just following Bitcoin’s shadow.

Ethereum ETF Inflow Continues To Rise

The biggest catalyst behind this price resilience isn’t just retail hype. It is Wall Street. According to recent SoSoValue data, spot Ethereum ETFs had an incredible week, pulling in $105.44 million in net inflows. This builds heavily on the $84.42 million from the previous week.

What makes this fascinating is that Ethereum actually beat Bitcoin in the ETF race last week. While Bitcoin ETFs struggled with a massive $424 million exit on Monday before scraping together a modest $75 million green week, Ethereum kept receiving inflows. 

Minor outflows on Monday and Thursday were completely crushed by massive buy days on Tuesday ($58.34M) and Wednesday ($53.83M). Institutions are quietly building long-term positions, creating a supply squeeze on exchanges.

Whales Back the Double-Bottom Breakout

On the technical side of things, Ethereum price charts are looking incredibly promising. Ethereum recently completed a classic double-bottom pattern on the daily chart. In trading, a double-bottom is a highly reliable reversal signal. 

It shows that the market tried twice to break lower, failed both times, and is now ready to reverse upward. Crypto analyst insights from the likes of Ted Pillows highlight that whales are heavily backing this move. Large wallet addresses have been aggressively opening long positions. 

If whales are buying above $1,840 price level, it means they are getting ready for more than a minor price rally. Whales could be positioning for a true Ethereum structural breakout. This whale behavior provides the heavy capital needed to push through sticky resistance levels.

Is $2,000 the Next Magnet for Ethereum?

With the double-bottom confirmed and $1,840 secured as rock-solid support thanks to the growing whale support, the focus turns directly to the upside. The $2,000 mark is a massive psychological magnet.

There is a cluster of short liquidity sitting just around this level. Once the price approaches, this strong resistance level pushes ETH price downwards. Ethereum price tried to test the $2 000 resistance level, which resulted in a pullback last week.

Once Ethereum has broken and closed above $2,000, it will set into motion a chain reaction. Short sellers will be compelled to repurchase their assets in order to make profits. This short squeeze could easily catapult the price toward the next major technical targets at $2,163 and eventually the macro target of $2,400.

Final Thoughts

Ethereum is showing the kind of relative strength that precedes major bull runs. By snapping an eight-week red streak in ETF flows and outperforming Bitcoin, ETH price is screaming that it is undervalued. Keep a very close eye on the daily closes. 

As long as ETH holds above $1,840, we can expect a retest of the $2,000 support level. With the growing institutional inflow and confirmation of the $1,840 support with the double bottom formation, it won’t take long before we see a rally to $2,000.