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Ethereum Hits $250 Billion Mark: Is $3,500 Within Reach Already?

coinquora.com 18 May 2022 11:49, UTC
Reading time: ~2 m

Ethereum, the crypto asset seated next to Bitcoin, boosted its market cap to over $250 billion. This huge amount of funds has contributed a lot to the total market cap of the entire crypto-verse.  Currently, the space’s total market cap amounts to almost $1.4 trillion.

This made crypto enthusiast Watcher.Guru react in a tweet post,

JUST IN: #Ethereum has reclaimed a $250 billion market cap.

— Watcher.Guru (@WatcherGuru) May 18, 2022

The tweet continues to gain an audience in the crypto Twitter space. In fact, it already has over 2000 likes and is still rising. This is proof that Ethereum is one of the monitored and most-watched crypto assets in the market.

Furthermore, the never-ending development of the ETH network led by Vitalik Buterin is a factor to consider in its latest market achievements. In addition, the nearing launch of the other phases of the ETH 2.0 this year can create another spark in the network.

Source: TradingView

As seen in the graph above, Ethereum positions itself within the Arnaud Legoux moving average (ALMA) indicator, an uptrend position. If this keeps on, the crypto might be able to reach its resistance level 1 and reclaim the price of $2500. If it does, there is a big chance that ETH may swing its position towards the bullish price of $3000 all the way to $3500.

However, this price forecast still depends on the performance of its investors in the network and the behavior of the bullish market. Therefore, it is still recommended to stick to and follow the rules set by the price indicators to avoid losses that cannot be recovered.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.

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