On Thursday 8, 2022 cryptocurrency experts talked about the presence of bulls in the market. The more significant change that happened is Ether (ETH) price surged by over 7%.
Over the past seven days, this was the first time that Ether (ETH) has risen significantly. At the press time on Thursday, the altcoin was being traded at around $1275.25. Following the rise in Ether’s price all other Altcoins also showed a great resurgence.
Following this outcome, a crypto analyst AltcoinSherpa predicted that moving forward Ether has a dual price pattern to deal with, which means the price of Ether (ETH) could go either way.
Daily Price Chart of ETH
As of today, the price of Ether has fluctuation between 9 to 20 EMA lines. This means the price of ETH is highly fluctuating. Moreover, there is still very high pressure of selling to those who hold ETH.
As a result of this high selling pressure Ether (ETH) experienced a decline in its price over the past 7 days. However, today the price trend was surprisingly changed for Ether (ETH) as the cryptocurrency bounced back despite the intense selling pressure.
On the other, the RSI line for Ether (ETH) was also in the negative area for Ether on Thursday. As the slope is inclined towards the intense overselling pressure this also indicates that Ether (ETH) has been encircled by the intense Bearish trend.
Despite the fact that bears are clearly dominating the marketplace. Especially when it comes to the price of Ether (ETH). However, for the first time in the past 7 days bulls have nullified the bears as Ether (ETH) managed to gain.
AltcoinSherpa Shares His Analysis
On Thursday, Dec 08, 2022, renowned crypto analyst AltcoinSherpa posted his analysis which was posted on Coin Edition.
In his tweet, AltcoinSherpa said that as we are moving ahead into the New Year, he is curious about the dual pattern of Ether (ETH). Ether is facing a dual price scenario in near future.
The first situation is quite clear, Ether (ETH) to soon touch the $1,375 mark before tumbling down.
The second possibility is that ETH’s price plunges straight away and moves to the high demand level of $1,100-$1,200.”
As far as the current indicators are concerned Ether’s price chart for Thursday is bullish. Moreover, the market is also backing the price hike moving forward.
It is quite clear that the long-term price recovery for Ether (ETH) is still doubtful, but there are certain indicators of short-term price hikes which might provide investors with the opportunity to buy at lower and sell at higher prices for the short-term gains.
With the 0.8% gain today the current market cap of Ether (ETH) now is 122,373,866 ETH. ETH has experienced almost as much fluctuation as the other cryptos have experienced in recent months.
Following the uncertainty, investors are still doubtful whether the price of ETH will rise or fall.
But one thing is clear the expected growth of ETH was much steadier in recent months than the market’s expectation amid a string of difficulties in the crypto sector, FTX collapse is one of them.
ETH Future Price
Some crypto analysts are still hopeful that by the mid of 2023, ETH’s price will start to rise again.
According to ‘DGP’, an online price analysis platform the price of Ethereum is expected to touch the $2671.45 mark by the end of the year 2023.
If this happens that will be a significant achievement for Ethereum as compared to the level where the cryptocurrency has fallen.
This means that ETH is almost doubling its price in 2023 as compared to the level where it is standing now.
It is important to keep in focus that similar sort of price forecasts have been done regarding Bitcoin.
One thing is quite clear crypto analysts have high hopes in terms of market performance in 2023.