Ethereum Price jumps 7% amid Crypto Market recovery...Buy Ether NOW?

Today is a good day for the cryptocurrency market. Most cryptos are up by more than 5% in the past 24 hours. Ethereum is one of those cryptos that managed to recoup all losses that happened from the previous week. Today, many traders are looking at Ether in a bullish way, while prepping buy entries. Will Ethereum price increase and return high above $2,000 soon? It seems so, let’s dive deeper in this Ethereum price prediction article.

What is Ethereum Blockchain?

Ethereum is a blockchain network that launched in 2015. Smart contracts were initially implemented on the Ethereum network. ETH is used to build decentralized apps (dApps). In truth, this blockchain is a pioneer in the fields of non-fungible tokens (NFTs) and decentralized finance (DeFi). For years, ETH has been the second most valuable cryptocurrency, trailing only Bitcoin in terms of market value. The Ethereum network’s native token is Ether.

Does Ethereum have a future?

There has been a lot of debate in recent months about whether Ethereum has a future as a blockchain. This was mostly owing to the blockchain’s various shortcomings, which include high gas prices and occasionally slower transaction rates when compared to other recent blockchains.

Cardano, Solana, and Avalanche are new blockchains that offer benefits over Ethereum, particularly in terms of efficiency and transaction speed. This is mostly owing to the blockchain’s previous reliance on the proof-of-work consensus process. The blockchain is currently transitioning to a more efficient proof-of-stake consensus method.

Ethereum Price up +7% – What happened?

In the past 24 hours, most cryptocurrencies saw a jump in their prices. Ethereum was no different, as its token ETH saw a price increase of more than 7%. This happened after prices retraced lower than the psychological price of $2,000 and consolidated around the strong support area delimited between $1,700 and $1,800. In figure 1, we can see how the weekly chart of Ethereum shows 9 red weeks since the beginning of April 2022. ETH prices never had this extended period of red candles on the weekly, and this week is looking promising, with prices on the verge of turning upwards.

ETH/USD 1-week chart showing the first green candle of ETH - Ethereum price prediction — **Fig.1** ETH/USD 1-week chart showing the first green candle of ETH – GoCharting

Ethereum Price Prediction – Where will Ether price reach?

Ether prices can easily surpass the $2,000 price mark, as Bitcoin is already above its psychological price of $30,000. As a second target, the $2,500 price mark seems to be another important area for Ether to consolidate around. From there, it will depend on the crypto market’s sentiment.

If the market as a whole recovers, we can project Ethereum prices to reach the next psychological price of $3,000. However, prices might take a breather around this $2.5K area and retrace towrads $2.2K.