Bitcoin’s deteriorating behavior is being followed by a broader cryptocurrency market, including decentralized financial king Ethereum. On April 5, ETH broke the $ 3,500 barrier and is now trying to prevent further sales. There is no disagreement among investors that digital assets are undervalued and network upgrades will take the network to a new level. So let’s assume that the observed retreat will ease the burden on the cryptocurrency and cause the rally to continue, or maybe bring it to new minimums?
- Ethereum’s price dropped from about $ 3,500 on April 5 and is now above $ 3,250.
- As long as the cryptocurrency does not exceed the $ 3,000 support, it has a chance to rise again and rise again.
- This quarter, ETH intends to release The Merge, which represents another milestone in network development. How will these quotes affect you?
- The original article was prepared by Capital.com analysts and all its content is available here
In the article you will learn, among other things:
Ethereum is accelerating again
March was marked by significant increases in the history of ETH. Last month, the cryptocurrency broke the 50-day and 100-day Simple Moving Average (SMA) levels of $ 2,848 and $ 3,045, respectively.
Then, on March 27, the cryptocurrency crossed the $ 3,250 barrier and rose to $ 3,500. After a series of unsuccessful attacks, the bears found an opportunity to bring down the ETH. Depreciation has only been suspended around the 200-day moving average and the $ 3,200 level, which is actively trying to build a new growth approach.
It should be noted that ETH / USD is currently in a better technical condition than BTC and has some significant levels of support ahead. As long as $ 3,000 is not lost, the cryptocurrency still has a chance to rise again and return to rising prices.
Moreover, although the short-term outlook points to a reversal, the upward trend in the chain for ETH is supported by an increase in volume between 14.5 billion and 16.2 billion between November 2021 and March 2022. 11.7% indicate that the increase is not accidental and that Ethereum is likely to continue to rise in price.
The merger will change the face of ETH
Merge remains one of the most anticipated events in the cryptocurrency world this year. This is to connect the main Ethereum network with a beacon chain, providing a transition from the existing business proof model to a proof-of-stack system. ETH fans have been waiting for this for years, and analysts say the cryptocurrency is a real boom after the merger.
Given the expected increase in interest after the merger, there are good reasons to believe that the price of cryptocurrency will rise rapidly. Modernization will increase the demand for ETH and its usefulness, and over time it will become more expensive.
Ethereum trading forecasts
A technical analysis of Ethereum’s quotes by CoinCodex showed that the short-term mood is currently neutral with 16 ups and 11 downs. The site also predicts that the price of ETH will return to around $ 3,500 on April 13.
Daily simple (SMA) and exponential moving averages (EMA) mainly send rise signals. 50-100 and 200 weekly averages showed signals for sales.
The Relative Strength Index (RSI) remains neutral at 56.46, while the Body Moving Average (HMA) signals for sale and the Volume Regulated Moving Average (VAMA) are neutral.
With an ETH price of $ 3,250, the closest support levels are $ 3,000, and resistance is $ 3,332 and $ 3,490.
Long-term ETH forecast based on algorithms
Wallet Investor’s long-term Ethereum forecast remains optimistic and predicts that the price of the cryptocurrency could rise to $ 5,280 by 2023 and reach $ 7,651 in early 2024.
In the long run, Wallet Investor expects the ETH / USD price to exceed $ 10,000 in 2025 and end the year at $ 12,132. However, in 5 years the price may increase to $ 14,890.
The ethereum price forecast by Gov Capital forecasts that the token price will be $ 5,637 by April 2022 and $ 12,959 by the end of 2025. After that, Gov Capital expects the price to be in the region of $ 18,968 by April 2027.
DigitalCoin’s forecast, based on historical data, remains mild, suggesting that the average price of ETH could reach $ 4,552 in 2022 and rise to $ 6,883 in 2025, and then fall to $ 6,363 in 2026. He predicts that by 2030, the cryptocurrency could gain $ 16,165.
PricePrediction predicts that the average price of ETH will increase to $ 3,811 in 2022 and $ 5,483 in 2023, the average price of ETH in 2025 will reach $ 11,463, and in 2030 it will reach $ 74,965.
However, regardless of forecasts, it should be borne in mind that cryptocurrency markets remain extremely volatile, which makes it difficult to accurately predict what the price of a coin will be in a few hours, and it is even more difficult to make long-term forecasts. Therefore, it should be borne in mind that analysts may err in their predictions.
We recommend that you always do your own research and take into account the latest market trends, news, technical and fundamental analysis and expert opinions before making any investment decision. You should never invest more than you can afford to lose.
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