Ethereum Price Prediction - Here’s Why Crypto Investors Should DCA into ETH

The global cryptocurrency market is tanking today, with crypto prices dropping to significant lows. Bitcoin has dropped below $18K, and Ethereum is currently trading at $1,229. Ether has dropped by over 16% in the past 24 hours.

Ethereum price prediction

Ethereum is bearish today. In the last 24 hours, ETH has traded between $1,150 and $1,575, indicating substantial volatility in the token. Over the past day, ETH has reported trading volumes of more than $37 billion. The token’s market cap currently stands at $148 million.

With a price drop of more than 16% in the past day, Ether could only go lower until the selling pressure starts cooling off. If the second-largest cryptocurrency continues to drop, a drop below $1200 will likely be witnessed.

Ethereum price prediction

The Relative Strength Index (RSI) for Ethereum currently stands at 54, which is a slight recovery, and it could show that the selling pressure is easing. Nevertheless, the RSI is at a neutral level, meaning that Ethereum could swing to either side, depending on the performance of the cryptocurrency space.

On the other hand, the Moving Average Convergence Divergence (MACD) line shows a sign of reversal from above the signal line. It is now going below, indicating that bearish momentum is at play.

Ethereum bulls need to support the price above $1,210 if they need to raise it higher. If there is a price recovery, ETH could jump toward $1,300. The bearish thesis will be wiped out of the price moves above $1,500.

Not out of the woods yet

The downtrend seems to be easing, but there are still other factors at play that could cause ETH to plunge lower. One of these factors is the pending agreement deal between Binance and FTX. Binance’s CEO said that the exchange had signed a non-binding agreement to acquire FTX and assist in processing withdrawals. However, there is no confirmation that the deal will be finalized.

On the other hand, there is also anxiety about the CPI data that will be released tomorrow. The CPI data will show the level of inflation in the US. If the data favors the market, ETH will likely recover. However, the reverse will happen if inflation remains high despite the Federal Reserve’s aggressive move to hike interest rates.

Three altcoins to buy today

As cryptocurrency prices drop today, investors are turning their attention to the best presales of 2022. One of these presales is for Dash 2 Trade. Dash 2 Trade is an Ethereum-based crypto signals platform giving investors real-time analytics and social tools to help them make informed trading decisions. The D2T presale started three weeks ago and has raised more than $5.7 million.

The other presale to consider investing in is for IMPT. IMPT.io is a carbon-credit marketplace allowing users to trade and retire carbon credits. The IMPT presale has raised more than $12.55 million.

The third presale to invest in is for Calvaria. Calvaria is a new play-to-earn game allowing players to earn rewards while battling with their trading cards. The RIA presale is taking off in a massive way after raising more than $1.65 million. The presale is in the fourth stage.

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