A lot of cryptocurrency traders are currently eyeing Ethereum price. There are many reasons that make Ethereum an interesting project. Most DeFi projects still rely on Ethereum’s smart-contract feature of its blockchain. On the other hand, Ether prices were on a decline ever since the beginning of the year 2022. Why is Ethereum price about to explode? Is it a good time to buy Ethereum? In this Ethereum price prediction, we highlight the importance of the current price and try to predict what’s to come.
Is Ethereum down in 2022?
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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 Price Prediction – Will ETH Price reach $5,000?
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 $2,400. If a small consolidation happens around that area, Ether prices should go upwards next.
Where to Buy Ethereum Crypto?
Ether is a very popular cryptocurrency and many exchanges offer this token versus multiple denominations. It is important on the other hand to always choose a reliable exchange. Security reasons, high fees, and platform usability play a major role in using a crypto exchange. Here are the ones we recommend:
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Ethereum Price is about to EXPLODE and THIS is Why…$ETH
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