Ethereum Price might SKYROCKET if THIS Happens…Here’s Why
Ethereum prices crashed by more than 50% ever since their all-time high price of $4,700. After reaching its bottom price of $2,400, Ethereum ended its downtrend and officially entered a sideways trend. Today, Ethereum price is about to skyrocket again, but important events should happen. Otherwise, we might see another Ethereum crash. In this Ethereum price prediction article, we're going to show what happened so far, and where ETH prices are headed towards.
What is Ethereum Blockchain?
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.
Ethereum Price Analysis - What Happened to Ether prices?
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.
Ethereum Price Prediction - Will ETH BOOM or SINK?
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
How is the Crypto Market Doing Currently?
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 %
Read more: https://cryptoticker.io/en/ethereum-price-might-skyrocket-if-this-happens/
Text source: CryptoTicker
