Cryptocurrency

The Latest Ethereum Price Move Could Break the All-Time High of $4,300

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After a stagnation period in the last few months, Ethereum is beginning to make an upward price move. This is the signal most investors have been waiting for since it hit an all-time high back in May of $4,300.

As the second-ranking coin in price valuation, most analysts believe Ethereum is one of the best coins that could experience a huge rise in price.

Ethereum

What is Ethereum

Ethereum is a network that supports the development of blockchain solutions such as;

  • Cryptocurrencies
  • Non-Fungible Tokens (NFT)
  • Decentralized Applications (Dapps)

Ethereum’s native cryptocurrency is known as Ether.

Founded by the now famous and industrial leader Vitalik Buterin, Ethereum has risen to become a household name both in the blockchain and cryptocurrency industry.

Why a $10,000 Ethereum Is Possible In 2022

Price Movement

Ethereum is currently trading at around $3,800 from an average of $3,500 in the last few months indicating the stagnation is breaking up.

This rise is likely to attract a huge number of buyers who were waiting for this signal. Any further price rise could see it breaking all-time at $4,300. Some analysts believe it could be a matter of days before it happens.

Why Investing in Ethereum Will Make You A Millionaire

Price Resistance

Two scenarios will play out if Ethereum hits an all-time high.

  • One, it could face a potential resistance that could force it down or cause another stagnation. This could take months to clear before the market can give the potential direction.
  • Secondly, the price could shoot past this high and head towards the$5,000 mark. This could now form a new high indicating the beginning of a new long-term bull trend.

The recent rise in price is due to some of the market factors including.

The rising price of Bitcoin and Other altcoins

The general cryptocurrencies market is bullish. As an example, this new bull trend has seen it get to a $2.5 trillion market cap. Most of the coins are recording huge price gains with some hitting all-time highs.

This bullish nature of the market is triggering Ethereum to rise as well. The crypto market tends to move in a certain direction especially for the top coins. Traditionally, a rise in the price of Bitcoin causes a rise in Ethereum as well.

Hence, the recent bitcoin price rise is considered a signal that the price of Ethereum is likely to rise as well.

The London Hard Fork Update

Ethereum has implemented an update recently meant to change some aspects of how the crypto operates.

Some of the major reasons for the update include;

  • Changing from the Proof of Work to the Proof of Stake concept. This will result in the elimination of the traditional mining process and embrace the staking process.
  • Introduction of a coin-burning strategy. This aims at reducing the number of coins in circulation. In return, it will help increase the value of the coin due to a reduction in supply.

Combinations of these factors are likely to boost the value of Ethereum in the long term.

Three Key Reasons Why You Should Buy Ethereum

Conclusion

There is no doubt that Ethereum is positioning itself for success in the long term. It is probably one of the most innovative blockchains and crypto networks in the market.

The introduction of these interventions is likely to give it a better chance of boosting its price further. Breaking of the all-time high price seems to be within reach and realistic.

Some investors believe Ethereum could get as high as $10,000. For now, this remains just a projection that we can’t rule out.

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