On-chain activity on the Ethereum blockchain has decreased. Despite the downturn, the price of Ethereum rebounded and soared beyond the $1700 mark. Ethereum is expected to break out, according to analysts.
Ethereum Price On A Bull Run!
Dr. Arnout Ter Schure, a leading cryptocurrency analyst, used the Elliott Wave Principle to set a goal for Ethereum at $2300.
The Elliott Wave Principle is a method of analyzing long-term price trends in order to discover and anticipate waves that signal possible price changes in the future. It exposes pricing trends by revealing highs and lows.
Using this method to analyze the Ethereum price pattern, the analyst claims that the altcoin’s fourth and fifth waves are coming to an end. When the wave is over, the expert anticipates Ethereum to decline to around $1500, with the fourth wave ending around $2,150.
When Ethereum gets done with the last wave 5 of the correction, it will put an end to the correction that began in November 2021. A return to $2150 would solidify the surge to $10,000.
Ethereum Fee At All-time Low
After a massacre in the crypto market, Ethereum’s fees were at an all-time low. The Ethereum network has relatively little activity, according to a study from crypto intelligence platform Santiment. Analysts have discovered a link between low activity levels and stablecoin velocity.
Velocity is a metric for how rapidly money in the crypto space moves. On Ethereum, the present level of activity, stablecoin (DAI) velocity, and low amount of on-chain activity imply hibernation. Bears, according to analysts, are sleeping and waiting for a trigger.
To sum it up, Ethereum bears are now lethargic, waiting for a catalyst in the altcoin’s price movement. A surge in DAI velocity may serve as a catalyst for an Ethereum price increase.
Ethereum price might return, according to @BitQueenBR, a crypto analyst and trader, following a slump to $1400-$1500. Until then, the expert predicts a downward trend in the price of Ethereum.