Price Analysis

Ethereum Price Rally Faced The Most Insane Monthly Close, What’s Next?

Highlights

    Ethereum price monthly close points out towards an upcoming bull rally that may lead the price towards set target at $10K

    It’s 6 months passed with the launch of ETH 2.0 Beacon Chain, and the progress of the ecosystem can be viewed with the increased user base and stacked volume

Ethereum Price Target Remains Unchanged

Amid the market slash, very few crypto assets manifested a sense of stability by maintaining a slow yet steady recovery. The past month was like a roller coaster ride for the Ethereum price as it successfully smashed the highs and also marked the lows, shedding 50% of its value.

The past month’s rally was among the most hysterical rallies, as the ETH price ranged from $1800 to $2400, while the highest levels remained above $4000. Moreover, the price that traded within the trendline, broke out, speculating the possible uptrend. 

As per the chart posted by the analyst above, the breakout may lead to a massive leg up which may smash levels close to $3500. Nevertheless, the upper resistance levels are still residing around the same $4400 areas. 

With the quick recovery, gaining nearly $1000 since the lowest levels, ETH price was self-assured to surge higher than the current ATH . Despite showcasing huge fluctuations in the short term, the price is believed to hit $10,000 very soon.

Also Read: Can CBDC Run on the Ethereum Network? Yao Qian says YES!

ETH 2.0 Beacon Chain Completes 6 Months

On the other hand, today marks the 6 successful months of the ETH 2.0 Becon Chain launch. Since the launch, no doubt it did not uplifted the price as expected, yet the increasing validators and staked supply manifest the trust in the ecosystem.

As mentioned, more than 5 million ETH, approximately 5% of the Ethereum circulating supply is being staked on the platform. This may be one of the major reasons behind the ETH price stable rally. And adding to the substance, the ETH inflow into the exchanges also hit the lowest levels. It might point out at an extended rally for the Ethereum price as much of ETH lies in the wallets rather than the exchanges.

Also Read: This Triangle Pattern Could Send Ethereum Price To $10K Soon!

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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