Ethereum Price Forms Bullish Pattern, US$1,780 Close Crucial
As cryptocurrency prices soar, many investors are eyeing the Ethereum price during the crypto bull run.
Recession is weakening fiat currencies in world economies. Cryptocurrencies are picking up steam. On the other hand, Ethereum, or ETH, stands out among cryptocurrency assets. It is boosted by the surging interest in decentralized finance (DeFi), which leverages algorithms and science-oriented cryptocurrencies to operate the blockchain. The Ethereum price is currently about US$1,700, down 62% from its peak of US$4,891, reached in November 2021. However, the cryptocurrency’s price has increased 49% over the past six months, showing a crypto bull run.
The Ethereum price is currently trading above the US$1,780 barrier. The price is consolidating gains above the 23.6% Fibonacci retracement level of the most recent wave from the US$1,720 swing low to the US$1,873 high. The bulls’ ability to keep the price above US$1,780 may pave the way for a move up to the US$1,850 resistance level. If US$1,850 is broken, the positive trend may continue to increase, and the price may move closer to the US$1,920 resistance level. Alternatively, a new collapse can begin if the bears drive the price below $1,780. Near $1,750 is the next significant support level, below which the cryptocurrency price may fall to reach the $1,720 support level.
Should You Invest in Ethereum Now?
While some experts predict that Ethereum’s price will likely fall over time, others indicate that it will likely continue to increase. The transition to Ethereum 2.0 is presently underway. The upgrade is anticipated to boost the scalability and security of the Ethereum network. If the update is effective, it might raise interest in Ethereum, raising the price. It is a blatant sign that experts believe now is the ideal moment to invest in Ethereum.
As cryptocurrency prices soar, many investors are eyeing the Ethereum price during the crypto bull run.
Recession is weakening fiat currencies in world economies. Cryptocurrencies are picking up steam. On the other hand, Ethereum, or ETH, stands out among cryptocurrency assets. It is boosted by the surging interest in decentralized finance (DeFi), which leverages algorithms and science-oriented cryptocurrencies to operate the blockchain. The Ethereum price is currently about US$1,700, down 62% from its peak of US$4,891, reached in November 2021. However, the cryptocurrency’s price has increased 49% over the past six months, showing a crypto bull run.
The Ethereum price is currently trading above the US$1,780 barrier. The price is consolidating gains above the 23.6% Fibonacci retracement level of the most recent wave from the US$1,720 swing low to the US$1,873 high. The bulls’ ability to keep the price above US$1,780 may pave the way for a move up to the US$1,850 resistance level. If US$1,850 is broken, the positive trend may continue to increase, and the price may move closer to the US$1,920 resistance level. Alternatively, a new collapse can begin if the bears drive the price below $1,780. Near $1,750 is the next significant support level, below which the cryptocurrency price may fall to reach the $1,720 support level.
Should You Invest in Ethereum Now?
While some experts predict that Ethereum’s price will likely fall over time, others indicate that it will likely continue to increase. The transition to Ethereum 2.0 is presently underway. The upgrade is anticipated to boost the scalability and security of the Ethereum network. If the update is effective, it might raise interest in Ethereum, raising the price. It is a blatant sign that experts believe now is the ideal moment to invest in Ethereum.
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