Ethereum’s Price Action Suggests Better Upside Potential

Ethereum (ETH), the largest altcoin in terms of market cap, was one of the cryptos that got hit the hardest by the latest bear market.

This is evident when looking at Ethereum’s chart. At the moment, ETH’s price is closer to a bottom than a new high. This might be an opportunity in disguise as investors could utilize this as a chance to profit on ETH in the medium-to-short term.

Ethereum’s Price Action Suggests Better Upside Potential 3
Ethereum/TetherUS 1D (Source: TradingView).

Looking at the chart above for ETH/USDT, there is more upside potential for Ethereum than downside as its price has dropped from its all-time high (ATH) of $4,800 which was reached in November 2021.

ETH’s price continued to fall below the $2,400 mark to its current levels. It now seems like ETH has begun to establish a strong foundation to launch from.

One thing counting against ETH at the moment is the fact that the Merge keeps getting postponed, which has resulted in slightly more negative investor sentiment in the current bear cycle.

Investors could see ETH enter into a rally once the Merge is finally completed. This will build up investor confidence in the project and will see the price surge as the launch of the Merge is the catalyst that will create a domino effect, causing buy pressure to increase over the short-to-medium term following the launch.

According to CoinMarketCap, ETH is currently trading at $1.225.71. Although ETH is down 0.34% over the last day, it is still up 4.95% over the last week. ETH’s trading volume is also up by 2.45% and is standing at $13,505,005,087.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CQ. No information in this article should be interpreted as investment advice. CQ encourages all users to do their own research before investing in cryptocurrencies.


Back to top button