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In our last Ethereum price prediction, we wrote that the price could soon rise sharply. As a result, the price has risen by over 10%, from around $2,950 to $3,480. This rise came without a correction, not even on the sub-chart. Because of this, we at CryptoTicker want to go into more detail. Should you buy Ethereum today, or wait for a potential adjustment lower? Let’s tackle Ether 😉
When is a Good entry point to Buy Ethereum?
As the Ethereum price did not make any major correction during the rise, we anticipate that the price will see a major correction in the near future as the indicators are overheated. We determine the target of the correction using the Fibonacci tool. This gives us the data that the upside GoldenPocket move sits around $2,870. The 0.5 Fibonacci level, which is the minimum target, is around $3,000. Based on this data, we expect a descent to at least $3,000, which is also a strong psychological price. A wick of a daily candle could touch the GoldenPocket. After this correction is complete and the price starts to rally again, the price could form an overall uptrend. This uptrend could continue until the resistance around $4,444.
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Will Ethereum reach 5K in 2022?
Previously, Ether managed to reach a high of around $4,700. That was very close to the psychological and highly anticipated price of $5,000. However, prices sank with the entire cryptocurrency market for many reasons. Now that prices are picking up, reaching that previous all-time high price and even reaching 5K should be in sight. That’s why knowing where to position yourself is very crucial for now.
Apart from the GoldenPocket, Ethereum price has formed a resistance zone between $2,950 and $3,050. This resistance zone caused steadily falling prices. Because of this, the price was also in a sideways phase. Now that we have broken this resistance, we could imagine that Ethereum price will confirm this former resistance as support. Based on that, we would invest in Ethereum at around $3,000. Firstly there is the 0.5 Fibonacci level, the new support zone and the psychological level of $3,000.
Once prices hit that level, many traders will place orders. This will most likely drive prices up thanks to this huge buying power, driving prices upwards. If prices are eyeing their previous ATH, reaching 5K should be inevitable. After all, even a report on Bloomberg predicted an Ethereum price of 6K.