Ethereum set for Upward Rally!

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Ethereum is the biggest cryptocurrency by market value if we exclude Bitcoin and its also the most used platform for decentralized applications (DApps) and smart contracts.

In this article, we will predict price performance of ETH, the weekly price performance, the future prospects.

ETH Price Prediction

ETH is trading at $2,022, down 1.63% in 1 day, but up 4.57% in the last week and 12.58% in the last month. ETH has gained a market value of $242.94 billion and a 24-hour volume of $224.58 billion. ETH is facing resistance at the $2,072 level, which it could not break yesterday after reaching a peak of $2,082.

Ethereum Set For Upward Rally!

In a 2-hour time frame, the price is consolidating inside the Ascending triangle. Currently, it is bouncing from the support trendline of the Triangle. we have to wait for a successful breakout to confirm its next direction.

ETH has support at the $1,998 level, which it rebounded from today after reaching a trough of $1,998. ETH is still in an upward trend, as it is trading above the 50-day and 200-day moving averages.

Weekly Price Performance

ETH has increased 4.57% compared to BTC’s 0.97%. ETH has also broken out of a symmetrical triangle pattern on the weekly chart, indicating a bullish continuation. ETH has also reclaimed the $2,148 level, which was a previous resistance turned support.

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ETH is now aiming for the next resistance at $2,400, which is the 1.618 Fibonacci extension level of the previous correction. ETH has increased in market liquidity and volatility in the last week, as investors anticipate the launch of Ethereum 2.0, the upgrade that will transition ETH from a proof-of-work (PoW) to a proof-of-stake (PoS) mechanism.

News Summary

Here are some of the latest news headlines related to ETH:

  • BlackRock, has filed for an Ethereum spot ETF with the US Securities and Exchange Commission (SEC), joining the race to launch the first ETH-based exchange-traded fund in the US.
  • Euler Network, a new smart contract platform that aims to compete with Ethereum, Cardano, and Polkadot, has raised $3.5 million in a presale, outshining its rivals in terms of development activity and community engagement.
  • Steven Nerayoff, a former Ethereum advisor and co-founder, has accused Vitalik Buterin, the co-founder of Ethereum, of copying his inventions and sleeping on his couch. Nerayoff’s attorney has also hinted at potential SEC ties and lawsuits against key Ethereum figures.
  • Ethereum whales, or large holders of ETH, have been on a massive buying spree in the last few months, accumulating over $124 billion worth of ETH. This indicates their confidence and bullishness in the long-term value of ETH.
  • Ethereum has launched a new layer 2 network called Blast, which aims to provide fast and cheap transactions for ETH and ERC-20 tokens. Blast has already attracted a mysterious whale who deposited 10,000 ETH, worth $20 million, to the network.

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Harsh Panghal
Harsh Panghal

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