Ethereum

Ethereum HODLers Can Reap Huge Gains in 2022, Top Reasons Why ETH Price Will Hit $10k This Year

Written by: Delma Wilson

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Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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Apr 10, 2022

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After three consecutive days of losses earlier in the week, the general cryptocurrency markets stabilised at the conclusion of the week, with Ethereum (ETH) holding firm above $3,000.

Despite a rise in buying interest around the $3,200 level, which unfolded slightly above the psychological support zone of $3,000, ETH is witnessing persisting negative threats.

ETH Price Action

At the moment, the larger negative trend has settled into a trading range between a $3,581 yearly high and a $2,159 yearly low. and The moving averages (MA 50 & MA 200) represent the price’s long-term consolidation within these limits. The ETH/USD price has risen from an intraday low of $3,181 to a daily high of $3,253 at the time of analysis. 

According to IntoTheBlock’s analytics, Ether’s net issuance is falling. Since reaching a high of 3.48 percent on March 12, the seven-day average net issuance has been about 2.21 percent, according to the data provided.

According to the on-chain analytics firm, ETH hasn’t had a negative net issuance day since Jan. 10, although it touched a two-month low of 0.87 percent on March 5. 

The key resistance levels ahead are $3,700, $3,500, and $3,285. The key support levels ahead are $3,200, $3,000, and $2,800. 

Investor lists reasons why ETH will hit $10,000

Lark Davis, a crypto investor and content creator, recently tweeted that he believes the second largest digital currency, ETH, will surge to $10,000 per coin once Ethereum 2.0 is released.

Earlier this week, Mark Cuban, the owner of the Dallas Mavericks, had a similar sentiment; however, unlike Davis, the billionaire claimed he was “extremely positive” on Ethereum following the execution of the “Merge” – another name for Ethereum 2.0. 

Even though it has not been verified, the upgrade is expected this summer. It will ensure that the Ethereum chain switches from Proof-of-Work to Proof-of-Stake consensus system, making it more environmentally friendly than Bitcoin and other PoW coins.

Because ETH miners will use 99 percent less energy and a lot fewer ETH tokens will be created, the circulating Ethereum supply is likely to decline. 

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Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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