Since the highly anticipated Merge event, Ethereum has performed poorly and was a turning point for the cryptocurrency sector. The Merge happened at the worst conceivable time, despite the expectation that it would increase investor confidence. The Merge occurred at a crucial time in the development of cryptocurrency just two days after the United States CPI data were made available.
In an effort to predict its future behavior, ber Holger’s Ethereum Rainbow price chart on BlockchainCenter displays the past history of the decentralized finance (DeFi) commodity.
Regarding short-term forecasts, the chart shows that on September 29, 2022, $1,288 will be Ethereum’s bottom (also known as a “Fire Sale,” or selling at steep discounts much below the asset’s market value).
The pink-colored end-of-year estimate for Ethereum’s bullish scenario (“maximum bubble zone”) predicts that the price could reach $28,527 on January 1, 2023. According to the chart, the price of Ethereum will be $2,568 on September. 27, 2022, according to the ‘accumulation’ area as of the end of the year, and approximately $3,044 as of January 1, 2023.
However, it is important to take these forecasts with a grain of salt. Rainbow Charts “can’t anticipate the price of cryptocurrencies,” said the developer of the graphic.
Data shows that over the past 12 months, investor interest in selling Ethereum has increased by 16%, albeit only slightly. Large global bank JP Morgan, on the other hand, expressed doubts about the future of the network following the merge update.
Ethereum price prediction
The price of Ethereum has begun to rise above the $1,280 resistance level. On the hourly chart, ETH is now moving along a bullish trend line with support near $1,300. The price is meeting resistance near the $1,340 mark on the upswing. The $1,355 and $1,360 levels are currently creating the next significant resistance.
