The cryptocurrency market recently underwent a considerable crash that led to a period of consolidation. Amidst the turmoil, prices steadied as they awaited a catalyst, which soon emerged in the form of strong buying power entering the market. Historically, periods of market consolidation followed by a surge of buying accumulation around support prices often pave the way for robust uptrends. Why is Ethereum price up? Let’s analyze in this Ethereum price prediction article.
Why is Ethereum price up Today?
Ethereum is experiencing a surge in price due to the consolidation phase that saw a significant accumulation of buying power at support levels. This robust buying pressure is indicative of an increased interest from investors, who have demonstrated confidence in the coin’s potential, leading to a bullish sentiment.
Ethereum price analysis: What happened?
Ethereum’s price saw a considerable rise of 7% in the past 24 hours, bringing the current price to around $1,865. This boost is a direct reflection of the strong buying pressure that has been growing in recent times.
Ethereum Price Prediction: Where will Ethereum price reach next?
Given Ethereum’s bullish momentum and the overall uptrend in the crypto market, it is feasible that an Ethereum price prediction could take ETH to the $2,000 mark once again. This prediction, however, hinges on Bitcoin’s price continuing its rise towards the $35,000 range.
