Ethereum suffered a devastating blow on Wednesday, losing $75 billion of its market cap in mere minutes. Analysts launched new predictions for its level of support, points of resistance, and future price surge.
The second-largest cryptocurrency market shocked investors when it suffered a sudden plunge from $3,923 on September 7 to $3,259 by September 8. The event warns of bearish outcomes in the market for the coming weeks and months.
This led to many investors preparing themselves for the next Ethereum market surge and crash. Fortunately, analysts have provided new markers for ETH uptrend and downtrend levels. Price predictions have also been casted for 2022.
Ethereum Price Prediction: ETH Value Sustained
At the time of writing, Ethereum is trading at $3,505 with a 1.91 upward trend in the last 24 hours, per Coin Desk. This is a relatively healthy position that could re-establish stability in the market if maintained.
According to Yahoo! Finance, ETH's new levels of support are $3,325 and $3,000. Dropping below this marker would signal a dangerous medium-term downtrend, with downside targets between $2,450 and $2,170.
On the flip side, an ETH uptrend similar to this Wednesday report would meet major points of resistance on $3,600 and $4,000. A breakthrough on these markers could signal an in-coming market surge.
Note, however, that if ETH maintained its market cap above $3,650 this week, the market would demonstrate newfound strength and stability. This could lead to predictions of new all-time highs before the year is over. Investors are recommended to carefully observe market trends and local news for the coming months.
Ethereum's success will also depend on Bitcoin. If Bitcoin continues to establish and expand its influence, Ethereum would greatly benefit from the surge.
At the time of writing, Bitcoin is trading at $46,305 with a 1.42 upward trend in the last 24 hours, per Coin Desk. It is worth mentioning that Bitcoin also suffered a price dip from the September 7 trading.
Ethereum Price and Value: Will it Increase?
An earlier report mentioned Ethereum price predictions reaching $10,000 by 2022, which could still hold true.
As previously mentioned, Ethereum showcased stability and good market performance in the last few months. It even reached 417 percent market growth compared to its performance in early January. A similar surge might still happen anytime soon. Various experts and analysts cast their predictions for Ethereum.
The Sun said Ethereum could reach $4,596 by the end of 2021 and soar to $17,810 by 2025.
Wallet Investor predicts Ethereum growth of $5,430.50 in one year and $13,961.80 in five years.
Lastly, CoinPriceForcast said Ethereum could hit $4,758 by year end and $10,198 in 2025.
Despite the predictions made, it is important to keep in mind the volatile nature of cryptocurrency markets. Crypto markets also have scant regulations, so investors who lose their money are without protection.
These predictions and trade markers are not guarantees to Ethereum's success. Instead, these should be used to give investors an idea to plan for possible gains or losses. Ethereum might still present many surprises in the coming months.
Related Article: Cardano Price, Predictions and More: Can ADA Beat Ethereum as 2nd-Biggest Crypto?