Ethereum holders are already feeling the excitement and interest as the Merge event approaches. While Ethereum is down 6.81% in the 24-hour period, ETH is still up 2.96% against Bitcoin.
Will Ethereum surpass the $2,000 price level again?
Crypto Ethereum price prediction for 2022
Since November 2021 Ethereum has been in a macro-downtrend and has struggled to see sustenance beyond its 20-day moving average on a weekly time frame.
Many speculate Ethereum has reached a low of $882 on June 18, which is a total correction of 81.67% from the all-time high of $4,871 set on the Coinbase exchange on November 10, 2021.
Resilient investors who got Ethereum at $882 will still be up 80% today despite the ongoing bearish sentiment in the crypto market.
Just recently Ethereum lost the critical support level of $1,704 which has now flipped into resistance. With the bears in control for the time being, there is a threat that we could see Ethereum drop to the $1,411 support range if there is a continuation of the negative price.
If, however, the Merger is a successful price catalyst and the $1,704 resistance is broken, there is a good chance that Ethereum can rally to $2,174 which is the written resistance from January 23, 2022.
Ethereum is currently living in a horizontal channel which is a consolidation pattern. The recent price structure loss reminds me of September 7th where Ethereum dropped to $1,490 and then rebounded to $1,790.
As you can see, there is a good chance that we could see a bullish reversal below this level that could push the price of Ethereum back to the $2,000 level from a bull that is in full control.
The relative strength index also sits at 33.26 which is leaning towards oversold. This may reflect that current price levels may be good for dollar cost averaging.
Ideally, it would be great to see Ethereum break through the horizontal channel resistance at $1,629 and retest the $1,704 resistance level before seeing a potential continuation towards the $2,000 mark.
Crypto Influencers Buy More Ethereum
With Join only 1 day and 9 hours more eyes start watching Ethereum price action.
according to Coinmarketcap Ethereum is $1,596 and has a market capitalization of $195 billion. Over the last 24 hours Ethereum has increased its trading volume by 25.18% which is another bullish sign that a rally may be on its way.
Many crypto influencers have also been Tweeting about the Ethereum Merger generating more hype and euphoria about the move.
Ethereum’s performance is extremely volatile at the moment as tensions surrounding the Ethereum merger increase.
Historical data suggests that September is also one of the worst months for high-risk assets like cryptocurrency. On the positive side, October, November and December usually seem healthier and more rewarding.
Ethereum Crypto Video Analysis
With enough public morale and bullish momentum Ethereum should be able to capture the $2,000 price level. However, we are still in the crypto season so naturally we will see a rejection at the resistance level.
I speculate that Ethereum will cross between $1,250-2,000 for the remainder of 2022. If you are looking to expand your exposure to Ethereum shares, you may want to look at adding Polygon to your portfolio as there is a positive correlation between the price structures.
Alternative options for Ethereum that can provide higher returns for 2022 are Tamadoge presale.