The Ethereum mainnet launched in 2015. The biggest pioneers in the development of Ethereum were Vitalik Buterin, Gavin Wood and Jeffrey Wilke. The market capitalization grew very fast and it didn’t take too long before ETH was one of the biggest projects in the cryptocurrency space.

Ethereum started with the same consensus mechanism as Bitcoin did, the proof-of-work. But the project wants to shift to proof-of-stake. At Ethereum, this new protocol is named Casper. Unlike Bitcoin, Ethereum has a Turing-complete virtual machine. This machine can be used to create impactful decentralized programs, better known as smart contracts. These programs are written down on the blockchain with transactions. The users then should be able to access the features of these programs via transactions. With this, the conditions of the program can be changed depending on the logic and situations. 

Back in late November 2021, crypto investors were ecstatic to see Ethereum price among other altcoins reach their all-time highs. On the other hand, this valuation was a bit overestimated and inflated. After a continuous rise in prices since March 2020, an adjustment was overdue. Prices of most altcoins including Ethereum fell by more than 50%.

After reaching a price of around $2,400, prices managed to hold. This was the official end of the downtrend, and prices entered a sideways trend. Crypto traders love trading in such moments, as prices become predictable and buy/sell areas become apparent. In figure 2, we can clearly see this consolidation phase, which normally, prepares for a near price jump.

Ether prices reached a decisive moment, as two case scenarios lie ahead. In figure 2 above, we can see how ETH prices approached a selling area on the price resistance of $3,300.

• If the crypto market as a whole continues to push higher, Ether prices should break the $3,300 price mark and show higher strong prices for several days. If this was achieved, a buy order around that area would be recommended.
• On the other hand, if the buying momentum in the crypto market slows, prices become stagnant. This will force ETH prices to revert lower following the resistance area of $3,300. In this case, a short-sell position is advised

In the past 24 hours, most cryptocurrencies seem to have consolidated after an extensive uptrend since last week. Cardano specifically soared by more than 30%. Very few altcoins lost in that specific week, as the crypto market continues to recover.

Here is the performance of the top 10 cryptocurrencies by market cap:

#1 Bitcoin (BTC): + 7.19 %

#2 Ethereum (ETH): + 8.98 %

#3 Tether (USDT): + 0 %

#4 Binance Coin (BNB): + 5.37 %

#5 USD Coin (USDC): + 0 %

#6 Ripple (XRP): + 3.25 %

#8 Solana (SOL): + 10.40 %

#9 Terra (LUNA): - 1.98 %

#10 Avalanche (AVAX): - 1.91 %

The Ethereum price has formed a symmetrical triangle in the past few weeks. This triangle is not yet in the last third, which is why a current breakout is rather unlikely, even if the Ethereum price is currently at the top of the triangle, we do not expect any breakout for the time being. Instead, we assume that the Ethereum price will initially correct somewhat. The correction could last until the lower trendline of the triangle. In the best case, the price will only correct the last upward movement in order to break out afterwards. If the Ethereum price breaks out in a bullish way, the price could rise to around $4,000. That's where the goal of the formation is.

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If we look at the volume of the Ethereum price, we can see that some sell orders have been triggered. So some people have already bought Ethereum, which is probably why there are fewer sellers now. As such, there may now be less selling pressure on the upside, hence the possibility that the price may see a bullish breakout anytime soon, in the near future.

Reaching a price of $5,000 would happen if prices first manage to break the $4,000 price mark. Additionally, prices should consolidate above that are a while. If this happens, reaching an Ethereum price of $5,000 should be very likely.