Just as the overall cryptocurrency industry has started making a comeback, major cryptocurrencies have also started demonstrating high gains in the past 7-days. Among these cryptocurrencies is the second-largest cryptocurrency in the entire crypto-verse Ethereum (ETH), which is also growing bigger.
It was from the beginning of December 2021 that Ethereum was also facing a downtrend in terms of its price and market valuation. The cryptocurrency ended up taking a lot of damage due to the complete banning of cryptocurrencies in China.
However, Ethereum has reportedly started making a comeback and it is currently experiencing a high figure compared to its performance throughout the month of December and January.
On January 24, 2022, the price of Ethereum reportedly went down to $2,212.95 per ETH. The plunge observed by Ethereum was almost at the same time as another minor/major cryptocurrency within the crypto-verse.
However, Ethereum has also started rebounding since the beginning of the last week. This is the reason why Ethereum has observed a 17.41% rally in the past 7-days, followed by a 5.80% rally in the past 24-hours.
It is due to the surge that the price of Ethereum has now moved up to $3176.20. The TradingView analysis for Ethereum shows that as of now, the sentiments of the investors are pointing towards a bullish trend. This means that the investors prefer “strong buy” to the “strong sell” sentiments surrounding Ethereum.
Taking the performance of Ethereum in the past 7-days into consideration, the investors have shared their predictions about the future price of ETH. The analysts are predicting that if Ethereum manages to demonstrate its public demand, then its price may move up to its first strong resistance mark ($3,364.94).
As per the forecast, the value of $3568.86 may prove to be the second resistance mark for ETH. At this point, the bears may demonstrate their true selling power in order to build pressure over the bulls. If the bears succeed in doing that, then the price of Ethereum may start observing a dip.
However, if the investors keep rallying alongside the bulls and the bulls prevail, then the price of Ethereum may continue elevating. As a result, the price of ETH may hit its third strong resistance mark of $3,785.13.
Over the course of time, if the investors start losing their buying power and are not able to keep up with the bears, then ETH’s price may start plunging. In such a case, the price of ETH may fall down to $2916.96.
If the bears keep increasing their selling power and the investors start siding with them, then the price of Ethereum may start sliding down to the second strong support mark ($2681.85).