Ethereum (ETH) Is In Downtrend: Is It Worth Buying Now?

Ethereum refers to a decentralized blockchain platform that verifies an application code and executes it to allow the network participants to transact. The network allows transactions to be sent and received by users with an Ethereum account.

Ethereum (ETH) Buying Guide

Ethereum thus offers a flexible platform that uses Ethereum virtual machine and a native scripted language. It deploys smart contracts that allow users to interact with the Ethereum blockchain.  

Since its launch, Ethereum has appreciated steadily against the dollar to attain an exchange rate of $1219. However, the runaway inflation in the U.S. and many other parts of the world plunged the unit to about $980.Currently, the unit is exchanging at $1219 against the dollar. Although it made a few gains at the start of the week, the currency is still struggling against the U.S. dollar after it closed below the $1,000 zone last week. Despite the small gains, the currency remained between $1100--$1,080 levels. The question we need to answer therefore that will ethereum rise?

It could plunge even further if it closes below the $1,000 support level at the end of this week. It is currently trading between $1,100 and $1,150 with an hourly simple moving average of 459.124. However, if the prices start going up past the resistance level of $1,180, it is likely to move to establish a new resistance level of $1,236. But if it declines, it is expected that the next support level to be around the $1,000 zone. As indicated, a close that is lower than $1,000 level is likely to spark further decline towards the $925 level. Further decline is likely to see the price consolidate around the $880 support zone.

Will Ethereum Rise?

The crypto market crashed in June after the Federal Reserve raised interest rates in its effort to try to control the soaring inflation that has hit the U.S. and many other countries. Crypto companies responded by laying off staff and freezing withdrawals to try and control further price dips. Notice that the prices of Bitcoin and Ethereum have been volatile in the past month. On Thursday, Ethereum broke the 1,200 mark after falling to below $900-which, off course, was the lowest it ever went since January 2021.

However, all is not lost because there are strong reasons to support the fact that the price of Ethereum is likely to start rising. Firstly, there has been underperforming compared to other digital assets such as bitcoin. So the network transition to proof–of–stake from the previous proof-of-work will likely trigger prices to move upward.

Also, in June, the asset completed a test merge which is viewed as an important step in its software upgrade to be undertaken this summer. The upgrade is expected to show how Ethereum is ordered and is likely to make it more efficient for widespread use.

Indeed the transition to POS is a game-changer that is likely to make the price of ETH start rising once the inflation is brought under control. Also, as the world navigates around the effect of the Russian-Ukraine war, the price of Ethereum will start rising.

Investing in cryptos could be lucrative, but you can still lose your money if the timing is not right. Ethereum is trading at $1,219 and there are indicators that the asset has started recovering. It is the second most popular currency after Bitcoin, so buying it right now could be wise.

Secondly, the currency is getting an update to a proof-of-stake model, likely making the blockchain efficient and faster. Besides, the upgrade is likely further lowering users' transaction fees. Also, the update will give it a more competitive advantage, allowing it to outpace Bitcoin, which still uses the PoW protocol.

Thirdly, Ethereum is expected to play a major role in metaverse.

It could play a significant role in the metaverse since it is a smart contract platform that allows one to build everything ranging from non-fungible token (NFT) to decentralized Finance (DeFi).

Outlook:

Investing in Ethereum right now may not be the best option for risk-averse investors. However, if you are a risk-taker, there are signs that the price of Ethereum has started growing, so risking 5% of your portfolio on Ethereum could not be a bad idea after all.

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TechGlobeX: Ethereum (ETH) Is In Downtrend: Is It Worth Buying Now?
Ethereum (ETH) Is In Downtrend: Is It Worth Buying Now?
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