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When the crypto market decline began, Ethereum prices dropped from the all-time high price of $4,850 and touched a low of $880. When prices dropped below the psychological price of $1,000, many investors worried that ETH prices would touch even lower marks. Yet, prices shifted instantly above 1K. Today, the Ethereum price increased by more than 10% as the crypto market turns green. Does this mean that the ETH price reached its lowest and prices now are going higher from this point? Will Ethereum Reach $10,000 from here? In this Ethereum price prediction article, we try to analyze this. Let’s take a look at it in more detail.
What is Ethereum (ETH)?
The Ethereum mainnet started in 2015. The most prominent pioneer in the growth of Ethereum were Vitalik Buterin, Gavin Wood, and Jeffrey Wilke. The market capitalization increased very quickly and it didn’t take too long before ETH was one of the most significant projects in the cryptocurrency world.
Ethereum began with the exact consensus mechanism as Bitcoin did, the proof-of-work. But the project wishes to move to proof-of-stake. At Ethereum, this new protocol is called Casper. Unlike Bitcoin, Ethereum has a Turing-complete virtual machine. This machine can be utilized to develop impactful decentralized programs, better called smart contracts. These programs are noted down on the blockchain with transactions. The users then should be capable of using the elements of these programs through transactions. With this, the requirements of the program can be adjusted leaning on the logic and circumstances.
Ethereum Price Prediction – ETH Price is back on track
ETH/USD Daily chart – GoCharting
At the time of writing this, the ETH price is sitting at $1,214.88. In the last seven days, the price has increased by almost +13.6%. We already know that The ETH network has noticed a tremendous rise in transaction volume since a reduction in transaction fees. Ethereum network prices have fallen almost 90% since November 2021, and the average price per transaction is less than $6.
Besides this, Vitalik shared an update on the situation of the Ethereum expansions. Many people are expecting that the first step to advancing to Ethereum 2.0 (aka the merge) will occur soon. In fact, there were successful tests on the test server, and many developers anticipated that the merge of the mainnet would be straightforward. This provided a lot of hope to the community.
Many cryptocurrency enthusiasts are worried about Ethereum touching a price below $600. However, looking at figure 1, we can witness a “zoomed out” chart of Ethereum. We at CryptoTicker consistently talked about how ETH prices were under an uptrend channel. Every time prices touched the bottom support line, prices recovered. On the other hand, every time ETH prices reached the more elevated trendline, prices tended to drop and retrace lower. Now that prices have grown by more than 20%, we should anticipate a retracement. We can notice that prices might fall to $1,116. Nevertheless, if the market dynamics continue positively, we can predict prices to touch the $1,400 mark first and then $2000.
There is a lot of favorable news about Metaverse projects and Web3.0 attraction from big firms. As an example, Reddit just announced the launch of its forthcoming NFT Avatars. Users will be capable to utilize this avatar on various platforms as well, and it won’t be limited to Reddit’s forthcoming NFT marketplace. As you have assumed, Reddit revealed that users will be able to put any Ethereum-based NFT as their avatar. This news supported pushing ETH prices upward.
An increase in on-chain activity, functional addresses, and value recompensed are bullish triggers for an Ethereum price recovery. Supporters feel tremendous demand for Ethereum could enable the altcoin to outperform its competitors in value recompensed.
Ethereum Price Prediction – Will Ethereum $10,000 mark happen soon?
ETH/USD Weekly chart – GoCharting
There is no doubt that the Ethereum price could touch the 10K mark. The question remains “when” for now. In fact, many other analysts expect Ethereum to touch as high as 5K or even 10K in the medium and long term. But for now, ETH should first touch the $4000 mark.
Looking at figure 2, we can notice how ETH operated to construct a restored uptrend after hitting its all-time high price towards the low of about $800. Since then, prices have created a new uptrend. We hope that the price will first touch the low of the channel, then reverse higher to 4K towards the end of July 2022. We recommend waiting for further adjustments and purchasing ETH at support levels. Of course, sufficient stop-loss levels should also be taken into account, in this manner you can restrict your losses in case the whole crypto market suffers from poor fundamentals.
Noticing the above charts, we can most certainly anticipate that Ethereum touching 10K will take a bit of time. There are numerous landmarks that Ethereum prices need to complete before achieving such a high valuation. Those technical landmarks are as follows:
- USD 4,000
- USD 5,000
- USD 7,500
- USD 10,000
For now, we await Ethereum to touch its first milestone another time, ensuring the approaching bull towards the next one. If the crypto market as a whole fails to touch another strong bull run, the possibilities of Ethereum touching 10K will start to become lower.