As we ride up and down the waves of the market, many people just can't help but wonder what's to become of the price of Ethereum. It'll either fall below the $2,500 baseline threshold or make its way up from where it's been lately on a slow rise.
Looking at the current market situation, Ethereum is undergoing a correction: that is how the price somehow moves back to a previously broken level.
At the moment, it is holding $2,800 critically. If Ethereum cannot rise above this point, then it may imply further decline. On the other hand, breaking through that level might suggest a possible recovery, therefore, there are hopes for investors.
Part of the reason for recent price action could be the wedge pattern that Ethereum has been following, typically indicating a bearish trend, meaning an impairment in prices may likely continue.
Besides, the taker buy/sell ratio has been on the decline, which clearly shows there are more sellers than buyers. This sentiment shift from the market players exerts further pressure on the price, pulling it further downward.
https://img.inleo.io/DQmPzdWUuztc8EbPPkzRdVx58MtYRKCkA91xRhT5rbNXLdn/ethereum-7084736_1280%201.webp
It's interesting that Ethereum saw a very short period of upside action in what is otherwise known as a bullish retracement. The rally lacked the strength that would be indicative of a solid recovery, and the taker buy/sell ratio failed to bounce back, thus indicating that buyers are not as interested as they used to be. This weakness puts a question mark over how any upside move would be sustainable.
The future for Ethereum remains uncertain.
It may proceed downward, but as it is, it can always turn around with market dynamics. A surge in demand could change the current outlook in no time at all, but unless that happens, prices will continue to struggle for footing.
It's always a risk to invest in digital money, and Ethereum isn't an exception.
Any one interested should conduct proper research with respect to this particular market and keep abreast of the newest trends. Only by knowing the major factors that affect the price of Ethereum will it be possible to make informed decisions when making investments.
Posted Using InLeo Alpha