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A lot of cryptocurrency traders are currently eyeing Ethereum price. There are many reasons that make Ethereum an interesting project. Most DeFi projects still rely on Ethereum’s smart-contract feature of its blockchain. On the other hand, Ether prices were on a decline ever since the beginning of the year 2022. Why is Ethereum price about to explode? Is it a good time to buy Ethereum? In this Ethereum price prediction, we highlight the importance of the current price and try to predict what’s to come.
Is Ethereum down in 2022?
The short answer to this question is yes. The beginning of the year 2022 was a bad one for cryptocurrencies. Ethereum’s token Ether specifically lost more than 30% of its value to date. In figure 1 below, we can see a clear downtrend that started in late Q4 of 2021. However, it seems like Ether found a strong support area between $2,400 and $2,500. Prices managed to reverse multiple times so far, and currently, prices are around that very same area.
Ethereum Price Prediction – Will ETH Price reach $5,000?
Ethereum’s price fell from a high of $4,800 all the way to the current price of $2,560. On the other hand, we can see how the current price area represents a strong support level. Despite the fakeout that occurred in late January 2022, prices remained above $2,400. If they manage to consolidate around that area by next week, a trend reversal upward might be inevitable.
In figure 2, we see a repeating pattern that occurred back in April 2021, where prices peaked towards $4,400 then crashed towards a strong support area of $1,800. Today, prices peaked at $4,800 then crashed towards $2,400. If a small consolidation happens around that area, Ether prices should go upwards next.
Where to Buy Ethereum Crypto?
Ether is a very popular cryptocurrency and many exchanges offer this token versus multiple denominations. It is important on the other hand to always choose a reliable exchange. Security reasons, high fees, and platform usability play a major role in using a crypto exchange. Here are the ones we recommend: