Ethereum price broke the strong psychological price of $3,000 and is currently trading lower. However, the strong consolidation area for Ether does not lie at that 3k area, but slightly lower around $2,800. Today, there are 2 potential case scenarios for Ethereum, either collapse or rebound. Although this seems logical, actual price action usually is way more complicated than a simple up or down movement. In this Ethereum price prediction article, we analyze the potential move of Ethereum. Is Ethereum up?
What is Ethereum Crypto?
Ethereum started with the same consensus mechanism as Bitcoin did, the proof-of-work. But the project wants to shift to proof-of-stake. At Ethereum, this new protocol is named Casper. Unlike Bitcoin, Ethereum has a Turing-complete virtual machine. This machine can be used to create impactful decentralized programs, better known as smart contracts. These programs are written down on the blockchain with transactions. The users then should be able to access the features of these programs via transactions. With this, the conditions of the program can be changed depending on the logic and situations.
Is Ethereum Price up soon?
Ethereum price formed a trend channel during the recent down move, which is heading towards the $2,720 support. Since the course will soon have to decide whether to hold the support or continue to follow the trend channel, an explosive breakout could occur in just a few days! If the Ethereum price breaks the $2,720 support, we anticipate the price to continue bearish. If the price breaks the descending trend channel, we expect a rise to at least $3,000. This would be the least the Ethereum course should achieve.
Ethereum Price Prediction – Where will Ether reach next?
If the Ethereum price breaks out in a bearish manner, we expect the price to drop to the nearest support. This is around $2,500, which is why a price loss of around 11.5% is conceivable. However, if there is a bullish breakout, the price could rally to $3,000 as previously written. After that, we expect a final climb to around $3,290. That would be the end goal if the Ethereum price breaks out bullish. It is not yet possible to say whether the course will break out in a bullish or bearish manner. It is important to note whether the trend line or the $2,720 support line will break first. Until nothing is broken, there is no telling where it will go.