Ethereum Could Regain $2500
The cryptocurrency Ethereum (ETH) has started to recover from its recent lows during the previous few days. On the other hand, momentum indicators show that the coin is prepared for a stronger comeback than was previously anticipated, and it is the best time to buy Ethereum. However, there is a significant amount of resistance, both going uphill and downward. Here are a few of the most important points:
- Ethereum (ETH) was able to reclaim the $2,000 mark after experiencing a significant drop earlier this week.
- Convergence divergence is a technical analysis indicator that may reveal positive momentum indicators such as moving averages and RSI divergence.
- On the other hand, ETH is still suffering from a lack of support at crucial levels.
The Path Ethereum Will Take to Reach $2500
At this moment, there does not seem to be any interest among investors in purchasing any coins. Many people feel that this week’s drop is only the beginning, since the market is tilted in favor of sellers. On the other hand, we think that the value of several cryptocurrencies, including ETH, will rebound in the not-too-distant future. Numerous signs point to a rise in price for Ethereum shortly inevitable. The relative strength index (RSI) divergence and the moving average convergence divergence may be seen as positive bullish indications. If ETH can keep its price at its present level of $2,000, then a rise to $2,500 is not out of the question. There is a catch.
Ethereum has to overcome several significant obstacles to get started, one of which is its 50-day exponential moving average, which is now at $2,349. It is also important to remember that the broad market’s gain from yesterday could not be sustainable in the long run. These unpredictability may make it tough for ETH bulls to gain momentum in the medium term, which is the time frame we are focusing on.
This Is the Second Time in May That the Price of Ethereum Has Dropped Below $1,800
On Thursday, the price of Ethereum fell below $1,800 as a result of a widespread downward trend in both the cryptocurrency and stock markets. The stock market is officially considered to be in a bear market for the first time since the beginning of the year 2020. As a result of the general market retreating from riskier assets, the price of Ethereum has been going through a tough patch over the last several weeks. The price of Ethereum has fallen below the $1,800 threshold for the second time this month. Since July 2021, this is the first time that the price has been reduced to a level lower than $1,800.
As is the case with other cryptocurrencies, bitcoin lately followed the price movement of the stock market in terms of Ethereum’s value. Consequently, it is quite likely that the price of Ethereum will decrease as well if the price of bitcoin falls. The significant software upgrade that Ethereum implemented recently has also concerned the network. On April 11, the Ethereum programmer tweeted that “the Merge” will not take place in June as was first projected. However, investors and developers are still referring to it as “the Merge,” and they think it will take place in the following months. The programmer tweeted once again on April 12, revealing that it would be a couple more months before he could do it.
Rearranging the method by which Ethereum transactions are carried out will increase the efficiency of Ethereum transactions and their long-term survival. However, until that point is reached, industry analysts keep a close eye on how investors and organizations that use Ethereum’s platform respond to the upcoming changes.
Is It Feasible That the Price of Ethereum Will Climb Back Up to $5,000 Before the Year Comes to the End?
It was anticipated that Ethereum would have a successful year in 2022. Several industry professionals made the forecast before the End of the year, predicting that the price per share may reach as high as $10,000. On the other hand, taking into account the market’s current activity, it is quite unlikely that the currency will achieve such heights in the not-too-distant future. On the other hand, a return of $5,000 is not completely improbable. Before it can occur, the ETH price will have to go through a great degree of volatility.
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