Ethereum (ETH) being the second largest cryptocurrency by market capitalization, its market performance comes up frequently and quite a few experts have their opinions on this.
So, as soon as its value fell briefly two days ago, most analysts noticed. However, while the price of the ETH token fell by 2.8% at that time, it remained stable around the $1500 range.
Moreover, this bearish movement was soon reversed, since during the last 24 hours, the value of Ethereum increased by 3.64%. Its price broke the $1600 mark and is trading currently at $1614 currently, a continuous rise of 17.5% in the last seven days.
The rise and fall of Ethereum
After the beginning of the year especially hard and difficult to market of cryptocurrencies, it seems that the hardest part has already happened. The recent rise in the crypto market over the past few days is one of many signs that the industry as a whole is recovering.
However, although the current bullish market movements have helped Ethereum to break out of its extended downturn, the latter is still far from the level it reached towards the end of 2021. In fact, on November 10, 2021, d ‘success with ETH and its rival Bitcoin. to reach all-time highs, with the value Ethereum to pass $4878.26.
A level is still unequal today since not only was the asset unable to maintain this state, but its value also slowly declined.
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Ethereum future: $3,000 to reach soon?
Although it is true that the ETH token lost almost 69% of its value in one year, there is a good chance that you will find this position again. In fact, many experts believe that Ethereum could very soon raising over $3000.
Basically watch ETH languish until BTC breaks above the major HTF diagonal in Dec/Jan pic.twitter.com/nMIvSPsVM2
— KALEO (@CryptoKaleo) October 28, 2022
According to slim, reputable cryptocurrency trader and analyst, the Ethereum token is likely to break the $3,000 barrier by next year. He based himself on the results of his analysis of historical price movements and even claimed that such a development is in line with logic.
What caused Ethereum to fall in value after the merger?
For most observers and members of the Ethereum community, The Merge should ensure the recovery of the value of the token.
Guess not not exactly wrong since the altcoin actually saw its value skyrocket after the implementation of the merger was announced.
However, if the value of Ethereum fell after the success of the merger, it is mostly because the update is supposed to affect long term impact and not an impact that can be felt immediately or after a short period of time.
Also, even though Ethereum is the second largest cryptocurrency in the world, it is still a cryptocurrency. So, like all other cryptocurrencies, there is an impact of the key market forces such as inflation and interest rate increases.
Can Ethereum really hit the $3000 floor again?
There is no doubt that Ethereum is the best known altcoin in the world. For many investors and crypto enthusiasts, ETH is much more than just cryptocurrency.
Since it was created in 2015 by Vitalik Buterin, the sign has achieved great value. Its native token, ETH, has fallen from $0.311 when it launched in 2015 to around $4,800 at its peak in November 2021.
I’m so happy that Ethereum has such a strong culture of trying hard to make all of our moon math as understandable and accessible to people as possible. https://t.co/o9n2Xms4Zw
— vitalik.eth (@VitalikButerin) October 26, 2022
Although it was inspired by Bitcoin, Ethereum is completely different from the latter and other cryptocurrencies because of its uses. In fact, Ethereum is an ecosystem that brings together a blockchain network on which developers are capable create and foster new tools, apps and NFTs.
One of the peculiarities of this blockchain network is that it can serve many uses and applications in the world of technology. It is very useful for games, music, entertainment and decentralized finance (DeFi). This is also one of the reasons that made ETH one of the cryptocurrencies most common and most used for a few years.
The last days
During this week, Ethereum is not only he got his $1,500 balance back, but he went further in the last 24 hours and beat the $1600 mark.
With such momentum, it is no wonder that the community has high expectations for the future of cryptocurrency. Many experts believe that the value of ETH will increase actually over $3000.
Furthermore, while it is true that the prices of Ethereum and Bitcoin are relatively weak compared to last year, their value surprisingly stable during the month. This fact is amazing, because it proves that even in times of crisis where foreign currencies and the stock market have fallen, the cryptocurrency market can remain independent.
The whales continue to accumulate Bitcoin and ETH, this is a positive sign for the market and the general advantage it may have.
Related posts:
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Ethereum price prediction: 3 reasons why ETH could rise to $2,000 before 2023 / will the IMPT coin win too?
