Despite a bearish correction in the ETH/USD pair, Ethereum price prediction remains bullish above the $1,500 support level. Ethereum is the world’s second-largest cryptocurrency by market capitalization. In 2021, it experienced a significant bull run, raising over $4,000 at its peak and reaching its current all-time high (ATH) of $4,840.
The coin has since fallen to new lows, but the project’s future has given investors hope for a price increase.
Ethereum All-time High (ATH) – Source: Tradingview
However, Ethereum (ETH), the world’s second-largest cryptocurrency, has recently risen by more than 13%, leading to the rise of significant cryptocurrencies.
Since crossing the $1,500 mark yesterday, the leading cryptocurrency has gained 10% for the second day in a row. As a result, the price of ETH has reached its highest level since mid-September. The most recent significant price increase for Ethereum occurred in the first week of September, as investors prepared for the platform’s “merge.”
With the merge, Ethereum improved, transitioning from a proof-of-work system that used a lot of energy to a proof-of-stake system that used less. The merge was completed on September 15, and the cryptocurrency has remained stable at around $1,300 since then.
Other cryptocurrencies’ prices rose as well during the last seven days. Bitcoin (BTC), the world’s largest cryptocurrency, increased by more than 8% to trade at $20,800. Cardano (ADA) and Solana (SOL), two cryptocurrencies at the time, were both up by more than 15% this week. The latest upward rally, however, could be attributed to the risk-on mood in the crypto sectors.
The majority of the uptrend was triggered by the US Federal Reserve’s dovish rate hike stance. Some Federal Reserve officials, according to a Wall Street Journal article published last week, are reportedly not eager to continue rising rates by 75 basis points at each meeting.
Fed officials are preparing to raise rates by 0.75 point next month and debate whether and how to slow the pace of increases after that https://t.co/mNts15JCYG
— The Wall Street Journal (@WSJ) October 21, 2022
The stock and bond markets saw this, along with comments from San Francisco Fed President Mary Daly that the Fed needed to start talking about slowing down the pace of hikes, as an indication of an impending downturn.
Ethereum Price Prediction & Tokenomics
The current price of Ethereum is $1,587, with a 24-hour trading volume of $19 billion. In the last 24 hours, Ethereum has dropped more than 1%, but overall it has gained over 17% in the CoinMarketCap currently ranks #2, with a live market cap of $194 billion.
Ethereum has the potential to rise over time and may even surpass the $2,000 mark. In terms of fundamentals, Ethereum is without a doubt one of the most powerful cryptocurrencies on the market right now. It lays the groundwork for the introduction of several decentralized apps, such as DeFi, gaming, and even NFTs.
Ethereum Price & Tokenomics – Source: Coinmarketcap
Despite market volatility, this indicates that there is genuine demand for Ether tokens, the base currency of the Ethereum blockchain. The rise of Ethereum 2.0 and the platform’s popularity have lifted investors’ spirits.
From a technical perspective, the fact that the ETH/USD pair has crossed over $1,550— where it completed a 61.8% Fibonacci retracement—raises the prospect of a bullish trend correction. ETH has broken through the $1,595 resistance level, indicating significant bullish potential. Above $1,595, the next possible price targets for ETH are $1,655 and $1,700.
Ethereum Price Chart: Source: Tradingview
The RSI and MACD are both showing strong buy signals. Therefore, above $1,550, the likelihood of a bullish correction is high. Though today’s support level of $1,404 remains unchanged.
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