Ethereum Price EXPLODES after Reddit NFT Adoption! BUY $ETH NOW?

When the crypto crash started, Ethereum prices dipped from the all-time high price of $4,850 and reached a low of $880. When prices dipped below the psychological price of $1,000, many investors feared that Ether prices would reach even lower targets. However, prices turned directly above 1K. Today, Ethereum price rose by more than 10% as the crypto market turns green. Does this mean that Ethereum reached its lowest and prices are going higher from this point? Should you Buy Ether at current prices? In this Ethereum price prediction article, we analyze whether it’s a good idea to Buy Ether at current prices from a technical perspective and see why is Ethereum up today.

What is Ethereum (ETH)?

History

The Ethereum mainnet kicked off in 2015. The biggest pioneers in the development of Ethereum were Vitalik Buterin, Gavin Wood, and Jeffrey Wilke. The market capitalization grew very fast and it didn’t take too long before ETH was one of the biggest projects in the cryptocurrency space.

How does Ethereum work?

Ethereum started with the same consensus mechanism as Bitcoin did, the proof-of-work. But the project wants to shift to proof-of-stake. At Ethereum, this new protocol is named Casper. Unlike Bitcoin, Ethereum has a Turing-complete virtual machine. This machine can be used to create impactful decentralized programs, better known as smart contracts. These programs are written down on the blockchain with transactions. The users then should be able to access the features of these programs via transactions. With this, the conditions of the program can be changed depending on the logic and situations. 

Why is Ethereum UP Today?

Ethereum 2.0 is on the Horizon

Vitalik gave an update on the status of the Ethereum developments. Many people are anticipating that the first step to moving to Ethereum 2.0 (aka the merge) will happen soon. In fact, there were successful tests on the test server, and many developers predicted that the merge of the mainnet would be smooth. This gave a lot of hope to the community.

Reddit Announces its NFT Avatar Marketplace

There is a lot of positive news regarding Metaverse projects and Web3.0 interest from big companies. As an example, Reddit just announced the launch of its upcoming NFT Avatars. Users will be able to use this avatar on different platforms as well, and it won’t be restricted to Reddit’s upcoming NFT marketplace. As you have guessed, Reddit announced that users will be able to set any Ethereum-based NFT as their avatar. This news helped push ETH prices upwards.

Ethereum Price EXPLODES by 10%

Since we were in a bear market recently, you might be asking yourselves: Why is Ethereum up? What gives? I just sold everything! Well, it is true that Ethereum prices crashed from a high of $4,850 and reached a low of $880. However, in a previous article, we spoke about the importance of the $1,000 price mark. This strong psychological price allowed ETH prices to consolidate for a brief period, awaiting any positive fundamental news. Now that big companies such as Reddit are moving towards Web3.0 integrations using the Ethereum blockchain, investors flocked and bought ETH, bring its prices up.

In figure 1 below, we can see how our previous prediction turned into reality thanks to positive news from the market. This led to Ethereum increasing from a price of $1,000 to $1,200, making 20% return within 7 days.

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Ethereum Price Prediction – Where will ETH prices reach?

Now that prices have increased by 20%, we should expect a retracement. Plotting the Fibonacci retracement in figure 2, we can see that prices might drop to $1,116. However, if the market dynamics continue positively, we can expect prices to reach the second target of $1,400.

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