Ethereum holders are generating a lot of excitement and interest as the Merge event approaches. While Ethereum is down 6.81% over the 24-hour period, ETH is still up 2.96% against Bitcoin.
Will Ethereum Break Above $2,000 Price Levels Again?
Ethereum Crypto Price Prediction 2022
Since November 2021, Ethereum has been in a macro bearish trend and struggles to see its sustenance above the 20-day moving average on the weekly time frame.
Many speculate that Ethereum had already bottomed out at $882 on June 18, this is a full correction of 81.67% from the all-time high of $4,871 set on the Coinbase exchange on November 10, 2021.
Resilient investors who scooped Ethereum to $882 would still be up 80% today, even with the persistent bearish sentiment in the crypto markets.
Just recently, Ethereum lost a critical support level of $1,704 which has now moved into resistance. With the bears temporarily under control, there is a threat that we could see Ethereum drop into the $1,411 support range should negative prices continue.
If however, the meltdown is a successful price catalyst and the resistance at $1,704 is broken, there is a good chance that Ethereum will rally all the way back to $2,174, which has been written resistance since January 23, 2022. .
Ethereum now resides in a horizontal channel which is a consolidation pattern. The recent price structure loss reminds me of September 7 where Ethereum fell to $1,490 and then rallied back to $1,790.
As we can see, there is a good chance that we will see a bullish reversal here at these lower levels, which could push the price of Ethereum towards the $2,000 levels of the bulls that can take full control.
The relative strength index is also at 33.26, which tends towards oversold. This could reflect that current price levels could be good for the average dollar buy.
Ideally, it would be very good to see Ethereum breaking through the horizontal channel resistance at $1,629 and retesting the resistance level of $1,704 before seeing a potential continuation towards the $2,000 mark.
Crypto influencers are buying more Ethereum
With the meltdown just 1 day and 9 hours away, more and more eyes are starting to watch Ethereum’s price action.
According Coinmarketcap Ethereum is $1,596 and has a market capital of $195 billion. Over the past 24 hours, Ethereum has seen an increase in trading volume of 25.18%, which is another bullish sign that a rally could potentially be underway.
Many crypto influencers also tweeted about the Ethereum merger, generating more hype and euphoria around the move.
For example crypto analyst @MartiniGuyYT bought another $600,000 and one would assume the motive for buying Ethereum is the Ethereum merger.
Ethereum performance is extremely volatile right now as tension around the Ethereum meltdown rises.
Historical data suggests that September is also one of the worst months for high-risk assets like cryptocurrency. On the positive side, October, November and December are generally much healthier and more rewarding.
Ethereum Crypto Video Analysis
With enough community morale and bullish momentum, Ethereum should be able to reclaim the $2,000 price levels. However, we are still in a crypto winter so naturally we are going to see rejections at resistance levels.
My guess is that Ethereum will cut between $1,250 and $2,000 for the rest of 2022. If you want to maximize your exposure to the Ethereum meltdown, you might want to consider adding Polygon to your portfolio as there is a positive correlation between their pricing structure.
An alternative option to Ethereum that could offer a higher return for 2022 is the tamadoge presale.