Ethereum prices took a heavy hit after the Merge happened. Crypto investors expected prices to continue on their uptrend after Ethereum switched to the proof-of-stake consensus. However, Ether prices took a hit as traders liquidated their positions in order to catch the hype of the Merge. Ethereum price currently stands around $1,250 but risks crashing further. Will Ethereum crash to 1000 $ ? Maybe, if this happens…Let’s analyze in this Ethereum price prediction article.
What is Ethereum Crypto?
The first smart contracts were introduced on the blockchain network thanks to Ethereum. It was introduced in 2015 and has since made a name for itself as the second-largest cryptocurrency market after Bitcoin. Ether is the Ethereum network’s network token.
The Ethereum Blockchain was able to establish itself with the invention of Smart Contracts, on which decentralized applications may be developed. The Ethereum ecosystem has so experienced tremendous growth in recent years. The dominant blockchain in the DeFi and NFTs industries is Ethereum. The network’s prior consensus method was proof-of-work, but it recently switched to Proof-of-Stake during the Merge.
Ethereum Price 2022: Down by more than 65%
At the beginning of the year, Ethereum prices were hovering around $3,800. However, prices continued to crash and reached the psychological price of $1,000. For a brief few days, prices even breached lower and reached the low of $860. However, thanks to the Ethereum merge hype, prices managed to rally back higher and made 100% returns to reach $2,000.
The merge ended: prices did not show any continuation of the uptrend. Investors and traders sold back Ethereum for a profit, causing a drop in prices, back to the current price of $1,250. In a previous article, we predicted this crash following the merge.
Ethereum Price Prediction – Will Ethereum crash to 1000 $?
The outlook of the overall crypto market is bearish. Ethereum price is currently on a very strong support price of $1,250. If this price is breached lower, ETH prices are expected to drop further if this level is broken. The next target for ETH stands at the psychological price of $1,000.
However, if ETH manages to rebound from this level, we might see ETH back around $1,430 towards the upper resistance. For now, looking at the crypto market in general, the former prediction looks more plausible.
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