Crypto

Ethereum price prediction as investors aim for 30% upside – bullish on the way?

The price of Ethereum is currently in the red, as are the wider crypto markets as the market continues to experience the ripple effects of the FTX crash. However, recent price action indicates that bullish speculators are looking for a 30% increase.

Binance and FTX SBF Face House Committee

The House Financial Services Committee asked Sam Bankman-Fried (SBF) and Binance to appear before him in December as part of an investigation into the disappearance of one of the largest cryptocurrency exchange platforms.

Rep. Maxine Waters (R-Calif.), chairman of the House Financial Services Committee, and Rep. Patrick McHenry (RN.C.), a prominent member of the financial services committee, proposed a hearing on Wednesday to determine what prompted the sudden the collapse of FTX and its related company Alameda, among others. The House Committee will also seek to uncover “the broader implications for the digital asset ecosystem.” The official statement says:

“The fall of FTX caused huge damage to over a million users, many of whom were ordinary people who invested their hard-earned savings in the FTX cryptocurrency exchange platform only to see it all go down the drain. few seconds”.

Binance, the largest exchange by daily trading volume, will also be questioned by a parliamentary committee. Questions are being raised about whether Binance contributed to the FTX liquidity crisis when it announced via Twitter its decision to liquidate up to $580 million in FTT (FTX native token).

Authorities in the US and the Bahamas have launched an investigation into FTX and related companies for their possible role in one of the worst crypto market crashes in which investors lost billions of dollars.

Ethereum Forecast: ETH in Trouble, but for How Long?

The price of Ethereum surged to $1,212 after succumbing to selling pressure at $1,350. The race for support at $1,070 begins with the announcement of a new industry stimulus fund by Binance. Investors applaud Changpeng Zhao (CZ) for helping companies affected by the FTX collapse.

The MACD indicator (moving average convergence and divergence) shows that the bears are currently in control, as evidenced by consecutive red bars.

ETH/USD daily chartETH/USD daily chart

There is huge support for Ethereum at $1200. If ETH hits this level, puny investors may rush, which will push prices up 30% to $1,600 if market conditions improve.

Ethereum is in the buy zone, this is shown by on-chain analysis

According to Santiment’s MVRV (realized market value) profit/loss model, the second largest cryptocurrency has returned to the buying zone. MVRV is -5.73, well below the midline at level 1.

Investors consider cryptoassets undervalued when the ratio falls into the negative zone.

Ethereum MVRV Ratio | SanimentEthereum MVRV Ratio | Saniment

The MVRV model tracks the profit/loss of ETH holders by comparing the last price at which the tokens they hold are traded against their current market value. Values ​​greater than 1 imply that the asset is overvalued, which encourages investors to sell.

The supply distribution metric shows that some investors are already buying Ether at a low price. The chart below shows that the number of addresses holding between 10,000 and 100,000 ETH has risen to 1,182 from a monthly low of 1,152. Investors who sold Ethereum during the FTX crash are buying back those same tokens.

Ethereum Supply DistributionEthereum Supply Distribution

Ethereum Alternative Offers Faster Earnings

Investors looking for faster returns have begun to look to pre-sales, which have performed particularly well this year despite the bear market. One of the main presales is described below.

Dash 2 Trading (D2T)

Dash 2 Trade is a premium crypto analytics and social trading platform that allows investors to make informed decisions using market data. At the center of the Dash 2 Trade ecosystem is D2T, an ERC-20 token built on the Ethereum blockchain.

Think of Dash 2 Trade as a one-stop terminal where investors can access accurate and timely market data to test trading strategies that allow them to take advantage of market opportunities.

D2T is currently trading at 0.0513 USDT, but this price will drop to 0.0533 USDT in the next presale phase.

Check out the Dash 2 Trade Presale Now

Back to top button

Adblock Detected

Please consider supporting us by disabling your ad blocker.