Our latest Ethereum price prediction suggests that ongoing correction could set the price for a major bullish move. All the cryptocurrencies are currently in a correction after bullish two weeks. The rejection of Bitcoin from the $48k region has affected the whole market. Nevertheless, Ethereum price USD is still trading above its 200 EMA, signalling that this correction could be over soon. At the time of writing, Ethereum value is $3261, and it is down 3% in the past 24 hrs.
Ethereum is the biggest Layer 1 smart contract platform in the world. DeFi and NFTs are thriving on Ethereum. Before moving on to our Ethereum price prediction, let’s look at the platform’s TVL stats. DeFi Lama shows that the platform is leading the TVL race with a whopping $120 billion locked on-chain. More than 15% of this capital is locked in Curve Finance, which provides liquidity between different stablecoins.
As per the latest Ethereum News today, investors are anticipating a huge supply shock after the upcoming Ethereum merge. This is also going to affect any future Ethereum price prediction significantly. The current Ethereum blockchain will merge with the proof of stake Beacon Chain in this merge. Ethereum mining is also very profitable, and the hash rate is still increasing. More than 1016 TH/s o power is currently securing the network, which is close to its all-time high.
Eth price technical analysis shows that the native asset of Ethereum (Eth) is currently trading at $3261. It is still more than 33% down from its November 2021 all-time high of $4878. In a brutal start of the year for all cryptocurrencies, Ethereum price also dipped to the lows of $2159 in January 2022. However, after nearly six months of bearish price action, the bulls are gaining momentum. The recent higher high of $3481is also the highest Ethereum value for the year. Let’s have a look at our Ethereum price prediction.
If Ether price holds the $3000 level in ongoing correction, then a major bullish move could be coming. In such a scenario, the bull might target $3800 in the short term. $3800-$3900 level also coincides with the Fib golden pocket of 0.618-65 and is, hence, very significant. Any bullish break above this region could make it retest its ATH of $4878. However, any break of the multiyear upward trendline shown in the chart could send it below $2000. Therefore, proper risk management is necessary before entering into any position.
This post was last modified on %s = human-readable time difference 09:54