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What is Ethereum ?
Before we start with the ethereum price prediction, we need to digress a bit to understand what is Ethereum? and why it has value.
Created by Vitalik Buterin, it has scored itself the second spot in the hierarchy of cryptocurrencies. This digital currency launched in 2015 is predicted to surpass Bitcoin and may be the cryptocurrency of the future. Is Ethereum similar to Bitcoin? It is in a way, but not really. Like Bitcoin, Ethereum is a part of a blockchain network.
Instead of having to build an entirely original blockchain for each new application, Ethereum enables the development of thousands of different applications in a single platform. In the Ethereum blockchain, miners work to earn Ether.
Ether is a crypto token that helps run the network. Another use of the Ethereum blockchain is its ability to decentralize any services that are centralized.
For instance, Ethereum is capable of decentralizing services like loans provided by banks, online transactions using Paypal as well as voting systems and much more. Ethereum can also be used to build a Decentralized Autonomous Organization (DAO). 14 A DAO is a fully autonomous organization without a leader.
Why does Etereum (ETH) have value?
Reason why:
-ETH’s valuable in different ways to different people.
-For users of Ethereum, ETH is valuable because it lets you pay transaction fees.
-Others see it as a digital store of value because the creation of new ETH slows down over time.
-More recently, ETH has become valuable to users of financial apps on Ethereum. That’s because you can use ETH as collateral for crypto loans, or as a payment system.
Of course many also see it as an investment, similar to Bitcoin or other cryptocurrencies.
Ethereum Price Ready for Christmas and beyond
From a technical outlook, ETH/USD appears ready for a significant move upwards to new price . The only move that Ethereum bulls should focus on is overcoming the immediate resistance at $4,579 by the lower boundary of the rising channel.
Sustaining the price action within the channel by recording a series of higher highs and higher lows will see ETH price eventually rise to the target of then prevailing chart pattern $5,180, a new record high. This would represent a 15% upward move from the current price. ETH will meet significant resistance from the $4,868 level where the middle boundary of the rising coincides with the November 10 ATH.In addition, the Parabolic SAR and the Movign Average Convergence Divergence (MACD) indicator have sent a buy Ethereum signal on the daily chart.
Probable future for Ethereum (ETH) price
On the other side , the RSI is displaying a negative divergence to the Ethereum price movement as seen on the daily chart. This implies that the bears have not given up on pulling the ETH price down, perhaps due to continued profit taking and uncertainties around the new Omicron Covid variant and the significantly hawkish tapering remarks from the Fed Chair Powell.
Therefore, sliding below the 50-day SMA support around $4,308 would trigger massive sell orders that could see ETH plunge towards the $4,000 level or the 100-day SMA at $3,162.
You may just want to buy some cryptocurrencies and save them for their potential growth in the future. Or you may want to become more of an active investor and buy or sell cryptocurrencies more regularly to maximize profit and revenue. Regardless, you must have a plan and a strategy. Even if your transaction is a one-time thing and you don’t want to hear anything about your crypto assets for the next ten years, you still must gain the knowledge necessary to determine things like the following: What to buy, When to buy, How much to buy, When to sell. I will make an article regarding that. Always with Crypto is important to watch the latest news and check daily price chart likely we offer that.
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