While the cryptocurrency market is always trading in the red, crypto traders and investors turn to various sources that might give them an idea of what awaits its major asset Ethereum (ETH), in the future.
One of the places they could turn to is Blockchaincenter’s Ethereum Rainbow Price Chartcreated by Über Holger, which shows decentralized finance (Challenge) the past performance of the asset to try to give some insight into its future behavior.
As for the near-term forecast, the chart shows $1,288 as Ethereum’s bottom (“Fire Sale” or sell at heavily discounted prices, well below the market value of the asset) in its purple band for September 29, 2022.
Regarding the short-term “Accumulate” scenario, the chart predicts that Ethereum will settle at $2,568 on September 27, 2022, while the year-end “Accumulate” zone suggests around $3,044 for the January 1, 2023.
That said, these predictions should be taken with a grain of salt. According to the chart creator, “Rainbow Charts cannot predict the price of cryptocurrencies.”
Ethereum Price Analysis
At press time, Ethereum was trading at $1,306, up 1.64% on the day, but still down 10.19% over the previous seven days.
As it stands, its market cap at press time is $159.64 billion, maintaining its position as the second-largest cryptocurrency by this metric, according to CoinMarketCap The data.
Meanwhile, data shows that investor interest in sell Ethereum has seen minor gains over the past 12 months, growing 16%. On the other hand, the big international banks JPMorgan expressed concerns on the future of the network following the Merge upgrade, like finbold reported earlier.
Disclaimer: The content of this site should not be considered investment advice. The investment is speculative. When you invest, your capital is at risk.