ETH, or Ether, is the native currency of the Ethereum blockchain protocol. The crypto asset has been in decline for the past few weeks, but has recently shown signs of recovery. In fact, the token is currently trading at $1,182 at the time of writing. However, ETH’s market price is expected to rise to over $3,000 in the next year. It could reach $10,000 in 2022 if its price trend continues.
In recent times, ETH rallied from the $1,200 support level to $1,340, then briefly broke above the $1,500 level. However, after consolidating below the $1,200 level, it has retreated. At this point, it is unclear what direction ETH will take next. Some analysts believe that it will move higher, while others predict that it will continue to drop.
Popular crypto analyst Michael van de Poppe has updated his price target for a number of altcoins, including ETH, NEAR, and Chainlink. He predicts that NEAR will continue to fall, but that it has already broken out of a bearish trend line. The price of XEM, a competing crypto asset, has risen over 10% in the past four days.
Another important price level that ETH has recently touched is the $1,400 level, which is the highest price the currency has reached in its entire cycle. This level marks the top of the 2017-2018 cycle. However, the currency is still in consolidation and could drop down to $1,200 if it breaks through the $1,400 support level.
The Federal Reserve has raised interest rates by 75 bps during three FOMC meetings in October and November, and they are expected to continue raising rates throughout the year. This would have a negative impact on risk markets, including the cryptocurrency market. The Federal Reserve also expects to push interest rates to 8% during December, which would put ETH’s price at risk. However, ETH is expected to rebound in the coming days.
There is support in the $1,200 level, and it has been providing support since late June. If the price of ETH does not break through $1,200, it is likely to move to $1,280 and $1,500, where a bearish trend line is connecting the two levels. The price may also return to the $1,255 level if it breaks down below $1,280.
ETH is expected to rebound after the revival of bears. However, the price may continue to fall if it does not clear the $1,300 support level. The current consolidation range is the next bottom for the bear market, and it will be retested year from now.
While it is uncertain what will happen to the price of ETH, experts believe that it will rebound in the coming days. If the price of ETH continues to rise, it could reach the $1,400 level in the next few days. If it drops, the price could pullback to $1,300, where it has been trading recently.
In the long term, ETH is expected to continue to rise, but it may not reach its price target of $4,000 by 2022. WalletInvestor predicts that the price of ETH will reach $6,000 by 2025 and $2,000 by October of 2022. The prediction is based on the price of ETH and a number of other factors. It is also important to remember that predictions can be wrong, so you may need to adjust your expectations.
