Ethereum has been one of the major reasons for the advancement in the blockchain industry. Lots of new products, dApps, DeFi, exchanges, and coins have been built on the ERC-20 smart contracts. If it weren’t for Ethereum, cryptocurrencies and blockchain would have not received the recognition and fame that it has received right now. The technical advancement has unfortunately not reflected in the Ethereum price.
From the March low-sub $100, Ethereum price increased by 20X, establishing an all-time high price.
Fundamentally, ETH is one of the strongest coins; perhaps it is the only coin which has the potential to dethrone BTC in market cap. In the past, ETH was almost equivalent to BTC in terms of market cap. Fundamentally, ETH is quite under-priced and can easily surpass $2,000 in the near future. With ETH 2.0 coming up, it won’t be far till we start seeing an exponential increase in the price of ETH.
A lot of new smart blockchains like Polkadot, Binance Smart Chain, EOS, Solano, etc. which are a direct competition to Ethereum have started gaining traction. Due to the extremely high and rising transaction fee on Ethereum network, many developers have started preferring other low cost chains which has led to a significant drop in ETH price.
Let us review ETH price.
ETH/USD – Price Prediction
ETH is currently trading just above the support zone of $1400. This region could be the local bottom for ETH. As long as ETH is above this support, we could start seeing a move towards $1737, $1944, $2110, $2277, $2514 and $2816. Failure to hold the support at $1400 could lead to a drop towards $1278 and $1167.
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