As the Ethereum price did not make any major correction during the rise, we anticipate that the price will see a major correction in the near future as the indicators are overheated. We determine the target of the correction using the Fibonacci tool. This gives us the data that the upside GoldenPocket move sits around $2,870. The 0.5 Fibonacci level, which is the minimum target, is around $3,000. Based on this data, we expect a descent to at least $3,000, which is also a strong psychological price. A wick of a daily candle could touch the GoldenPocket. After this correction is complete and the price starts to rally again, the price could form an overall uptrend. This uptrend could continue until the resistance around $4,444.

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Previously, Ether managed to reach a high of around $4,700. That was very close to the psychological and highly anticipated price of $5,000. However, prices sank with the entire cryptocurrency market for many reasons. Now that prices are picking up, reaching that previous all-time high price and even reaching 5K should be in sight. That's why knowing where to position yourself is very crucial for now.

Apart from the GoldenPocket, Ethereum price has formed a resistance zone between $2,950 and $3,050. This resistance zone caused steadily falling prices. Because of this, the price was also in a sideways phase. Now that we have broken this resistance, we could imagine that Ethereum price will confirm this former resistance as support. Based on that, we would invest in Ethereum at around $3,000. Firstly there is the 0.5 Fibonacci level, the new support zone and the psychological level of $3,000.

Once prices hit that level, many traders will place orders. This will most likely drive prices up thanks to this huge buying power, driving prices upwards. If prices are eyeing their previous ATH, reaching 5K should be inevitable. After all, even a report on Bloomberg predicted an Ethereum price of 6K.

The short answer to this question is yes. The beginning of the year 2022 was a bad one for cryptocurrencies. Ethereum's token Ether specifically lost more than 30% of its value to date. In figure 1 below, we can see a clear downtrend that started in late Q4 of 2021. However, it seems like Ether found a strong support area between $2,400 and $2,500. Prices managed to reverse multiple times so far, and currently, prices are around that very same area.

Ethereum's price fell from a high of $4,800 all the way to the current price of $2,560. On the other hand, we can see how the current price area represents a strong support level. Despite the fakeout that occurred in late January 2022, prices remained above $2,400. If they manage to consolidate around that area by next week, a trend reversal upward might be inevitable.

In figure 2, we see a repeating pattern that occurred back in April 2021, where prices peaked towards $4,400 then crashed towards a strong support area of $1,800. Today, prices peaked at $4,800 then crashed towards $2,400. If a small consolidation happens around that area, Ether prices should go upwards next.

Ether is a very popular cryptocurrency and many exchanges offer this token versus multiple denominations. It is important on the other hand to always choose a reliable exchange. Security reasons, high fees, and platform usability play a major role in using a crypto exchange. Here are the ones we recommend:

• Binance
• Coinbase
• Kraken
• KuCoin
• Gate.io

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