Ethereum (ETH) Price Prediction 2022: Will ETH Break $4k This Year?

ETH price broke below a falling channel on Thursday last week, a non-bullish move on its part. Ethereum price plummeted to a low of $2,811 as Bitcoin continued to bleed.

Ethereum price showed a 5.6% increase in the last 24 hours to trade at about $3,070 during European business hours on Tuesday. The gain comes against the backdrop of Germany’s continued Bitcoin sell-off. BTC also saw a 3.4% increase over the last 24 hours and is trading at $57,189.

ETH price broke below a falling channel on Thursday last week, a non-bullish move on its part. Ethereum price plummeted to a low of $2,811 as Bitcoin continued to bleed in the recent sell-off, which began last week and saw the apex crypto drop to lows of $53,550. However, ETH price found another support below at around $2,815, using it as a cushion against the fall. ETH price consolidated around this local bottom over the weekend before showing some renewed strength on Monday going into Tuesday.

Ethereum price action has revisited the 200-day simple moving average (SMA), which is currently acting as a resistance. If ETH breaks above this key indicator, market sentiment may turn bullish.

Ethereum price prediction shows the asset may likely break above the 200-day SMA but succumb to the overhead 50-day SMA, falling into a consolidation zone between $3,371 and $2,811. This will also put it back into the falling channel.

If ETH bulls can exert more power, they can break above the falling channel and the potential consolidation zone to hit the previous yearly high of $3,967. On the flip side, if the bears prevail, ETH price may break below the $2,815 support and drop lower to $2,200, with temporary cushioning around $2,490.

Bitcoin price hit a low of $53,550 in the recent sell-off (which may still be in play) before bouncing back, as data from CoinGecko shows. The asset seems to have found support around the $55,000 level, though history suggests this may not hold for long. If BTC continues to fall, the next major support is around $50,000, and below that, $46,000.

The markets today have spots of green, with Ethereum among the biggest gainers. VanEck was the last to file an S-1 for its spot Ethereum ETF yesterday, indicating a high likelihood of ETF approval soon. As of July 9, 2024, all spot Ethereum ETF applicants have filed their updated S-1s.

The above is the detailed content of Ethereum (ETH) Price Prediction 2022: Will ETH Break $4k This Year?. For more information, please follow other related articles on the PHP Chinese website!