Ethereum, Will It Ever Move Higher Again

March 8, 2022

Ethereum (ETH) – Weekly Update And Long Term Price Prediction

Ethereum is an open source, blockchain-powered platform that allows developers to build up and utilize decentralized applications (dApps), besides known as smart contracts. It is divinatory to comprise the near advanced blockchain on the market and it may be, in principle. In practice information technology is a imperfect platform in indigence of updates that developers just tail't seem to deliver.

In 2022 the Ethereum blockchain Split into Ethereum and Ethereum Classic, following a lack of consensus on how to cover the aftermath of The DAO attack. The late Ethereum was meant to protect against future cyber attacks but still contains vulnerabilities. It is presently trailing Bitcoin in terms of securities industry detonator value and is liable to stay in second spot for the foreseeable future.

Ether is the pure currency, it has deuce applications that will overtime help drive its value. Ether can be traded just like-minded whatever other cryptocurrency and it rear be used to run applications internal the Ethereum network. What that means is if another business operating theatre enterprise wants to employment the Ethereum network for dApps and smart contracts they need to buy Quintessence to make it do work. The problem is different blockchains, blockchains with a focused application, are stealing market share. If Ethereum can't deliver presently it will become obsolete before it's even finished.

Ethereum (ETH) Price Analysis – The Prodigious Picture

ETH reached its all-time high of $1,420 on January 13, 2022 and IT's been wholly declivitous from there. The token is currently trading at $137 with a market cap valued at $14,448,995,590 which makes it the back-largest cryptocurrency by value.

ETH/USD is in a all the way downtrend, with lower lows and lower highs printed end-to-end the entirety of 2022. When it reached the low-lying at $83 the Relation Strength Index (RSI) moved to a lower place its 30 take down for the first meter viewing oversold conditions on a weekly chart. This has sparked some buying interest which could take the pair into the resistance at $250 in the next 3 to 6 months. The caveat is we cannot ignore the obvious downtrend while there is no good news. Until we get a positive catalysts and a probative high top is printed all moves up should be treated as retracements, not reversals.

Things looking a bit better on the daily chart than on the period of time one. We can see some bullish pressure and an exhausted downtrend that may result in a reversal. The bulls and bears are currently competitive for the $134 level and the 100 days Exponential Self-propelled Average, a act on above that would Be bullish. If the bulls deliver the goods we will likely see another attempt to break $165 resistance, otherwise ETH could head towards $100 in the medium condition.

Side note; there is a duple summit at $165 which is a bearish chart formula. It shows that this resistance level has some strength. A break of $165 would prove the bulls are committed to taking the pair off higher with a target of $250 over the succeeding few months.

Daily Chart Support: $134 (currently tested), $105, $83

Weekly Chart Support : $80 – $83 (zone) and all round Book of Numbers below it (70, 60, etc.)

Daily Chart Resistance : $134, 100 years EMA, $165, $250

Weekly Graph Resistance : $250, $375

Most likely scenario : spick-and-span attempt to break $165; if successful, the next target will become $200 followed by $250

Alternate scenario : a treble clear is formed at $165, followed past a drop into $100 area