Ethereum is back in the game, because the price has shown a strong movement up today. After a few slow sessions, ETH rebounded and managed to retest the previous summit of the week. At the same time, more than 35 million ETH are now punctuated, almost 30% of the total locked offer, reducing the amount available on exchanges. This type of supply compression often results in high price increases when demand increases.
An analyst even observed that during past races, Ethereum posted incredible gains, an increase of 300 times in 2017 and an increase of 50x in 2021.
Although no one expects 300 times, the analyst said that if the ETH increased its current value six times, it could even cross the $ 10,000 mark in the next major cycle.
Ethereum short -term price analysis
For the moment, the price of Ethereum resists well. The important thing to understand is that it has not yet shown a sign of high training. In fact, as long as the price remains above the recent hollow swing of $ 2,415, there is a good chance that the upward trend will continue.
When the term markets opened earlier during the day, Ethereum’s price quickly jumped, Thursday’s tests. Although it has not yet crossed this level of resistance, the momentum is clearly under construction.
If Ethereum can succeed in exceeding this area, the following targets would be about $ 2,570 and $ 2,620. Crossing these levels would be a large signal that the bulls are back in control.
In the short term, it all depends on how Ethereum manages current levels. If he remains strong and breaks above this week, he could trigger a new wave of purchase. However, if the price falls below $ 2,415, it could report a break or a short decline before trying another movement higher.
