$ETH price prediction is hard to get correctly.
While Ethereum was able to climb to it’s all time high at $4,000, it has since then been dipping low — although some crypto traders found it hard to imagine the price of $ETH would ever reach below $2,000.
Ethereum Price Prediction
There have been high hopes on Ethereum with some investors even saying that someday, it would surpass Bitcoin.
However, that day has not come yet, and is still in question whether that day would ever exist. The problem with what is happening in the market now is that it’s no longer the alt season, and the whole crypto market is bearish in general.
For those that aren’t aware what alt season is, it is the time that coins aside from Bitcoin or “alt coins” are performing better than Bitcoin. This is when money flows faster into altcoins instead of Bitcoin, according to EscapeArtist.
Although there was a recent surge in Dogecoin and other smaller cryptocurrencies, as of the moment, even the top 10 cryptocurrencies are all suffering except $HEX.
According to WhaleBot Alterts, Ethereum RSI is at 52.51 currently, which means the volatility is moderately low. The Telegram group’s recommendations is that holders should probably sell now or sell soon, according to the RSI as the price could get lower.
Top 10 Cryptocuurrency Bearish
With the top 10 cryptocurrencies suffering, it is now safe to say that the market cycle has finally progressed into its next stage.
For long time investors, most markets have their own market cycles. For Bitcoin or crypto investors, there is actually a very specific crypto market cycle to follow, as per CryptocurrencyFacts.
Here’s a brief explanation of what the Bitcoin market cycle is like:
1. Start – The market cycle starts off at a stale with crypto whales buying up large amounts of Bitcoin starting the market to slowly go bullish.
2. GREED – this is where more and more buyers start to purchase Bitcoin making the prices go up. Once the prices start to go up even more, more buyers suddenly become encouraged to buy during the bullish run.
3. Peak – this is where Bitcoin starts reaching new heights, making record breaking prices, and the market is as saturated as ever. This is where whales start to exit, and sell off their big chunks of Bitcoin.
4. FEAR – this is where the price of Bitcoin goes bearish and more holders start to sell off their cryptocurrency, pushing the market to slowly go down. When the prices start to go down, this is where people start selling out of fear causing a depression.
5. Depression – this is where the market plateaus and causes a depression. With prices staying down, this is where the crypto whales start buying up more and more Bitcoin.
Read Also: Cryptocurrency Rumor | Chinese Whales Shorting Ethereum Due to Vitalik Affair with Husband
Although this is a Bitcoin market cycle, it still applies to the general cryptocurrency market as well.
Ethereum is no stranger to this market cycle. However, the growth of the cryptocurrency depends on how much people still believe in the coin, and are willing to buy more of it. As of the moment, the coin still remains bearish in the past 30 days.
Related Article: $HEX Grows 120.2% in 30 Days as Cryptocurrency Market Remains Bearish
This article is owned by Tech Times
Written by Urian B.
ⓒ 2021 TECHTIMES.com All rights reserved. Do not reproduce without permission.
