Ethereum Price Prediction in Between Macroeconomic Events
Ethereum prices surged after several banks related to crypto assets collapsed. Due to the stablecoin market plummeting and Binance's announcement crypto market goes green.
Ethereum price prediction seems to be very exciting as ETH is having a bull ride for the past 3 days. SVB or Silver Valley Bank collapse which made the market more sceptic on Friday was one of the game changer. When everyone was suspecting a crackdown, Ethereum along with Bitcoin breached the resistance and made a huge upswing. Ethereum which was constantly challenged at $1,500 resistance was broken by the price uproar taking the price up to $1,783 per ETH. This 20% gain in just three days is due to many supporting factors.
Throughout most of last year and early this year, Ethereum appeared to be on pace with Bitcoin, dropping below the $1,400 mark but gradually rising until the Silvergate Collapse.
After the statement by Silicon Valley Bank, the currency has been on a tremendous surge, breaking a critical milestone and presently trading at approximately $1,600. This bodes well for the coin, especially because crypto specialists believe it will surpass the $2,000 mark later this year. If the currency maintains its current velocity, it will very certainly prove crypto experts correct.
With more positive signs, Binance before the SEC bans BUSD trading, Binance’s CEO Changpeng Zhao announced that the firm will convert $1B worth of BUSD (Binance’s stablecoin) into shares of ETH, BTC and BNB. This marked another rally in all three coins. While Bitcoin and BNB enjoyed their rally, Ethereum investors got more returns.
Ethereum Price Prediction
At the time of writing, the price of Ethereum is $1,702.68 USD, with a 24-hour trading volume of $15,767,789,066 USD. In the previous 24 hours, Ethereum has gained 1.64%. ETH is now ranked #2 on CoinMarketCap, with a live market cap of $208,362,984,518 USD. It has a circulating supply of 122,373,866 ETH coins and no maximum supply.
Source: CoinMarketCap
Ethereum Price Prediction: Daily Chart
The 1-day Ethereum price analysis chart reveals that the market has been in a bullish trend for the previous 24 hours, with prices breaking through the $1,700 barrier. In the near term, the bulls may seek to drive prices higher and break through the barrier at $1,723.
Prices are forming an ascending triangle, which is a bullish trend. This pattern usually resolves the upward, implying that the bulls will likely drive prices higher in the near future.
The Moving Average (MA) value is $1,554. The MACD is now bullish, as indicated by the histogram's green tint. Yet, the indicator is showing strong bullish momentum, as shown by the darker green tint.
The RSI has been trading in the overbought zone, confirming the bulls' dominance. As a result, we may be hopeful about the ETH price's future as it continues to flash green signals.
Source: TradingView
Ethereum Price Prediction: Hourly Chart
The 4-hour price chart for Ethereum price analysis reveals that the ETH/USD price has increased significantly in the previous several hours. As a consequence of the consistent bullish efforts, the price has begun to rebound. The most recent price increase has pushed it up to $1,723, which has been beneficial to the entire bitcoin worth.
In a bullish crossover, the 50-MA and 100-MA cross over each other, suggesting a strong rise. Additionally, the 200-MA is trading above the current price, indicating that the market is optimistic.
The RSI is currently at 64.27 and has been trading in the same range since yesterday's closure. The MACD is likewise in the positive zone and has been rising since the closure yesterday. Also, the Signal line is above the MACD line, suggesting a bullish trend.
Source: TradingView
Ethereum Price Prediction as Supply Goes Down
The Ethereum network is now ramping up to be deflationary, according to statistics from Ultrasound.money, since network supply has dropped by 63,287 ETH at the time of writing since the merging last September.
With Ethereum's current supply at 120.457 million, the burn rate has increased to 1,219,000, and the supply has decreased by 0.44% in the last 30 days. This demonstrates that the asset's supply can only decrease with time, eventually becoming deflationary.
According to Ultrasound.money, the Ethereum supply will reach 117 million by 2025. Staker issuance incentives are estimated to be over 4% per year, above the non-stakers' burn rate of roughly 1.8% per year.
Source: Santiment
Related:
Trending
