Ethereum Prediction: Ethereum has risen significantly over the last few weeks on the back of positive sentiments as well as growth in TVL (DeFi projects)
Ethereum Prediction: Performance Summary
Ethereum has grown significantly over the last few weeks as it recovered from the bottom of June
|Last 5 Days||+6.2%|
|Since the Crash of June 18th||+21.4%|
Why is Ethereum Rising?
The Cryptocurrency market as a whole has risen, example Bitcoin
|Last 5 Days||+7.1%|
|Since the Crash of June 18th||+12.3%|
There is a high degree of correlation between Total Value Locked (TVL) statistics and the price of Ethereum
While the volume price link is weak, there has been significant growth in Trading volumes this month
There was much lesser correlation with Transaction Volumes on the Ethereum blockchain as well as NFT Transactions.
Ethereum Prediction: What is the Outlook?
Ethereum is in the middle of a significant move higher beginning from July 1st. Technically it looks strong to move even higher over the next couple of weeks.
On the Daily Chart, Ethereum is a Buy though Eth is likely to be sluggish on Sunday. Forecasts for this year indicate a 30-40% growth opportunity.
The important thing for Ethereum is to breach $1270 for a move to $1450-1500. However, news flow plays a critical role and the following news items becomes important
- US Inflation data on July 13th
- European Economic Crisis owing to Russian Sanctions
- Momentum of Crude Oil Prices
- Any further failures amongst cryptocurrency companies
Given the strong NFT TVL linkage, important to track that metric as well.
Forecasts and Predictions need to be dealt with caution because sometimes things change between when something is published and when someone reads it.
Read our other Crypto Price Predictions here