Many have been pushing Ethereum into the mainstream, claiming it to be the go-to cryptocurrency of the future. While Bitcoin remains the very first cryptocurrency and the biggest by market capitalization, its market dominance is slowly getting weaker, currently at 62.5%. Is Ethereum’s price poised to explode and surpass its previous all-time high?
Ethereum Price Prediction – A Visible uptrend since 2021
When Ether’s price managed to break through its previous support price of USD 780, prices shot through the roof and reached USD 1,350. Despite price adjustments every now and then, an uptrend pattern can be seen with prices making higher lows with every price-action, delimited by a strong support price of USD 1,450. Breaking this support area would definitely signal a buying opportunity, with a % downwards in place for a stop-loss strategy.
On the contrary, Bitcoin seems to consolidate in a sideways trend. Prices were becoming weaker with lower highs in the making, all until the Elon Musk endorsement of the cryptocurrency, which helped BTC prices push upwards back to consolidation.
What’s currently happening with Ethereum?
With current prices at an all-time high, most projects that also run on the Ethereum blockchain are having a great year so far as well, with AAVE, UNISWAP, and YEARN.FINANCE making significant gains.
The Ethereum sphere is filled with new advancements in its infrastructure, which is key in pushing Ether’s price above the support of USD 1,450. Many people are awaiting this break to jump on board, which signals a potential rise in prices to a new psychological price target of USD 2,000.
Elon Musk’s Twitter is OFF
It is apparent by now that Elon Musk’s Twitter account is very influential on many different levels, from investors to traders to tech enthusiasts…they all rush to see what the world’s wealthiest has to say. He recently caused the big Doge Pump, along with the cryptocurrency craze.
But he recently announced that he’s going to be off from Twitter for a while and take a break. Will this affect the crypto market in a bad way?
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Rudy Fares
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