No products in the cart.
Should I buy Ethereum Now?
Ethereum price erased most of the gains it made in 2021 as concerns about digital currencies rose. The coin dropped to a year-to-date low of $881 in June and then started a slow recovery that saw it rise above $2,000 in August. ETH was trading at $1,703 on Friday, which was about 93% above the lowest level this year.
Ethereum Merge is the main catalyst
Ethereum price has staged a strong recovery in the past few weeks as investors focus on the upcoming merge event. This will be the biggest transition in the blockchain industry as it will see the network move from a proof-of-work into a proof-of-stake platform. It will merge the current version with the Beacon Chain.
As a result, Ethereum mining will not be possible. Instead, the network will use a set of validators to confirm or deny transactions. In addition, the new network will set a stage for more upgrades in the future that will make Ethereum faster and more cost-effective. For example, Ethereum will introduce sharding, a technology that has been used by blockchains like Elrond and Near Protocol.
Historically, cryptocurrencies tend to rally towards a major upgrade or event. For example, Bitcoin tends to always rally ahead of a halving event. Still, it is still unclear whether ETH will continue rising after the merge.
Ethereum price, like other cryptocurrencies, is also being affected by other factors. Like Bitcoin, the coin is being affected by Fed’s monetary policies. This year, the bank has maintained an extremely hawkish tone that has seen it rise interest rates by 225 basis points and start a quantitative tightening policy.
In addition, Ethereum’s ecosystem has been shrinking. The total value locked (TVL) in its DeFi ecosystem has fallen while the value of NFT trades has fallen sharply.
Where to buy Ethereum now
Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.
Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.
Coinbase is a global cryptocurrency exchange. Its platform is well designed for beginner investors and it offers a wide range of coins, as it has over 100 to choose from.
Coinbase has high level security built into the platform, a range of diverse features to use and it offers its users options for storing their crypto, such as being able to store coins on the Coinbase exchange.
Ethereum price prediction
The daily chart shows that Ethereum price has been in a strong bullish trend in the past few weeks. Along the way, it managed to move above the important resistance level at $1,281, which was the highest level on June 26.
The pair has also moved above the 25-day and 50-day moving averages, which is a bullish sign. However, a closer look shows that it has formed a small head and shoulders pattern. Therefore, the coin will likely retreat in the coming weeks as investors sell the fact. If this happens, the next key reference level will be at $1,281.
- October 2022 (13)
- September 2022 (540)
- August 2022 (519)
- July 2022 (418)
- June 2022 (416)
- May 2022 (369)
- April 2022 (367)
- March 2022 (505)
- February 2022 (455)
- January 2022 (435)
- December 2021 (428)
- November 2021 (367)
- October 2021 (359)
- September 2021 (357)
- August 2021 (126)
- July 2021 (21)
- June 2021 (19)
- May 2021 (4)
- April 2021 (6)
- March 2021 (23)
- February 2021 (23)
- January 2021 (27)
- August 2020 (1)
- July 2020 (7)
- June 2020 (1)
- April 2020 (2)
- TIDEFI Mainnet And DEX App Goes Live As TDFY Sunrise Pool Token Distribution Nears
- TA: Ethereum Price Recovery Could Soon Fade If ETH Fails To Surpass $1,350
- Bitcoin Price Keeps Struggling, What Could Trigger Another Downtrend
- Helium (HNT) Holds Gains Amid Market Downtrend
- Quant (QNT) Marks Positive Movement When Major Coins Face Dumps