Ethereum holders have been drumming up a lot of excitement and interest as the Merge event nears. Whilst Ethereum is down 6.81% on the 24-hour time frame, ETH has still moved up 2.96% against Bitcoin.
Will Ethereum surpass the $2,000 price levels once again?
Ethereum Crypto Price Prediction 2022
Since November 2021 Ethereum has been in a macro-downtrend and has struggled to see sustenance beyond the 20-day moving average on the weekly time frame.
Many speculate Ethereum had already hit its bottom at $882 on the 18th June, this is a total correction of 81.67% from the all-time high of $4,871 set on the Coinbase exchange on the 10th November 2021.
Resilient investors who scooped up Ethereum at $882 would still be up by 80% today even with the persisting bearish sentiment in the crypto markets.
Just recently Ethereum lost a critical support level of $1,704 which has now been flipped into resistance. With the bears temporarily in control, there is a threat that we could see Ethereum head down to the $1,411 support range if there is negative price continuation.
If however, the Merge is a succesful price catalyst and the resistance of $1,704 is broken there is a good chance that Ethereum might rally up to $2,174 which is a resistance written in from the 23rd January 2022.
Ethereum now resides within a horizontal channel which is a consolidation pattern. The recent loss of price structure reminds me of the 7th of September where Ethereum came down to $1,490 and then rallied back up to $1,790.
As we can see, there is a good chance that we might see a bullish reversal here at these lower levels which could soar the price of Ethereum back towards the $2,000 levels of the bulls can take full control.
The relative-strength index also sits at 33.26 which is leaning towards oversold. This could reflect that current price levels might be good for dollar cost averaging.
Ideally, it would be very good to see Ethereum break through the resistance of the horizontal channel at $1,629 and retest the $1,704 resistance level before seeing potential continuation towards the $2,000 mark.
Crypto Influencers Buy More Ethereum
With the Merge only 1 day and 9 hours away more and more eyes begin to watch the price action of Ethereum.
According to Coinmarketcap Ethereum is $1,596 and has a market capital of $195 billion. Over the last 24 hours Ethereum has seen an increase of trading volume by 25.18% which is another bullish sign that a rally could potentially be on the way.
Many crypto influencers have also been Tweeting about the Ethereum Merge generating more hype and euphoria around the movement.
The performance of Ethereum is extremely volatile at the moment as tension around the Ethereum merge increases.
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 are usually much healthier looking and more rewarding.
Ethereum Crypto Video Analysis
With enough community morale and bullish momentum Ethereum should be able to reclaim the $2,000 price levels. However, we are still in a crypto winter so naturally we are going to see rejections at resistance levels.
I speculate that Ethereum will chop between $1,250-2,000 for the remainder of 2022. If you wish to maximize your exposure to the Ethereum merge you could potentially look into adding Polygon to your portfolio as there is a positive correlation between their price structure.
An alternative option to Ethereum which might provide a higher return for 2022 is the Tamadoge presale.