Ethereum Crypto Price Prediction 2022 – Will ETH Surpass $2,000?
Ethereum holders have been drumming up a lot of excitement and interest as The Merge event nears and while Ethereum is down 6.81% on the 24-hour time frame, ETH has still moved up 2.96% against Bitcoin.
Will Ethereum surpass the $2,000 price levels once again?
Ethereum Crypto Price Prediction 2022
Since November 2021 Ethereum has been in a macro-downtrend and has struggled to see sustenance beyond the 20-day moving average on the weekly time frame.
Many speculate Ethereum had already hit its bottom at $882 on June 18, this is a total correction of 81.67% from the all-time high of $4,871 set on the Coinbase exchange on the November 10, 2021.
Resilient investors who scooped up Ethereum at $882 would still be up by 80% today even with the persisting bearish sentiment in the crypto markets.
Just recently Ethereum lost a critical support level of $1,704 which has now been flipped into resistance. With the bears temporarily in control, there is a threat that we could see Ethereum head down to the $1,411 support range if there is negative price continuation.
If, however, The Merge is a successful price catalyst and the resistance of $1,704 is broken, there is a good chance that Ethereum might rally up to $2,174 – which is a resistance written in from January 23, 2022.
Ethereum now resides within a horizontal channel which is a consolidation pattern. The recent loss of price structure reminds me of September 7 where Ethereum came down to $1,490 and then rallied back up to $1,790.
As we can see, there is a good chance that we might see a bullish reversal here at these lower levels which could soar the price of Ethereum back towards the $2,000 levels – if the bulls can take full control.
The relative-strength index also sits at 33.26 which is leaning towards oversold. This could reflect that current price levels might be good for dollar cost averaging.
Ideally, it would be very good to see Ethereum break through the resistance of the horizontal channel at $1,629 and retest the $1,704 resistance level before seeing potential continuation towards the $2,000 mark.
Crypto Influencers Buy More Ethereum
With The Merge only 1 day and 9 hours away more and more eyes begin to watch the price action of Ethereum.
According to CoinMarketCap, Ethereum is $1,596 and has a market capitalization of $195 billion. Over the last 24 hours Ethereum has seen an increase of trading volume by 25.18% which is another bullish sign that a rally could potentially be on the way.
Many crypto influencers have also been Tweeting about the Ethereum Merge generating more hype and euphoria around the movement.