The cryptocurrency market has been consolidating for the past few days. Just like most cryptos, Ether reached its strong support zone delimited by a price of $1,800 and the psychological price of $2,000. Now that prices adjusted heavily and the dump seems to be over, investors are prepping to enter the market again. This comes especially after Tether’s negative sentiment in the market, as most investors swapped to USDT when the market crashed. Is Ethereum worth buying after the crash? Let’s see why the answer is yes in this Ethereum price prediction article
What is Ethereum Crypto Project?
Ethereum began with the same proof-of-work consensus mechanism as Bitcoin. The project, however, switched to proof-of-stake. Unlike Bitcoin, Ethereum features a virtual computer that is Turing complete. Smart contracts, also known as decentralized applications (dApps), may be created using this machine. These programs are recorded as transactions on the blockchain. The functionalities of these applications should then be accessible to users via transactions. This allows the program’s conditions to be altered based on logic and circumstances.
Is Ethereum worth buying after the crash?
Let’s talk technical. The Ethereum price has often tested the support zone between $1,700 and $2,000 in the past. Always after the price tested the support zone, the price surged to $4,444. There is the next larger resistance. Since the price has always risen to $4,444, we assume that we are in a sideways phase. This sideways phase is between $4,444 and $1,700 – $2,000. Having reached the lower part of the phase, our overarching view is now that the Ethereum price will rally to around $4,000. However, a short-term crash from the sideways phase cannot be ruled out.
Ethereum Price Prediction – Ether reaching $3,000 soon again?
Although most investors are bullish on Ethereum’s long term, short-term traders are eyeing closer prices. Since prices reached a strong buy zone, we expect an increase in the short term, as well as in the long term. The price should rally to around $2,300 in the next few days. This is the least expected from the Ethereum price. A rise to around $2,500 is also possible. That is where the next resistance is after $2,300 is broken. After that, however, we assume prices will retrace lower but not part of a bearish trend, more of an adjustment. From there, it will all depend on the crypto market as a whole. If things pick up and buyers enter the market again, reaching $3,000 should be imminent.