Here’s Where Ethereum (ETH) Price Is Heading By Mid of 2022 !

Overall the cryptocurrency market witnessed a positive trend on Wednesday. The global cryptocurrency market cap rose 2.45% to $1.99 trillion in the past 24 hours. The total crypto volume also increased by 5.08% over the last 24 hours to $75.55 billion.

Ethereum Price Analysis 

The largest altcoin, Ethereum started a fresh increase above the $2,900 level. The price settled above the $3,000 level. At present, the price is consolidating at $3,120 Level. However, If the bulls stay strong, ETH/USD may soon reach the resistance level of $3200. Further the altcoin might test $3,270 resistance zone incase of extended bull trend.

On the downtrend, the main support is near the $3,000 level and the 21 simple moving average (H1). If ETH price breaks below the $3,000 support could push the price further lower below $2,950.

Looking at the daily chart, the $2800 remains to be a key support zone, and if it is broken, the sell-off may be extended towards the support levels of $2500, $2300, and $2100.

Analyst View On Ethereum (ETH) Price

As Per Finder Platform analysts now forecast a year-end price of $6,500 for ETH, with targets of $10,810 for 2025 and $26,338 for 2030. 

For example, CoinFlip founder Daniel Polotsky believes the price of ETH will only reach $4000 by the end of 2022. Firstly, as a result of its competitors’ strong performance. It’s also worth noting that ETH’s current utility is contingent on the success of Layer 2 solutions like Polygon, which Daniel believes will reap the majority of ETH’s value.

The hefty transaction fee on Ethereum has recently decreased. Indeed, on February 13th, it fell to its lowest point since July of last year. Even if it is for all the wrong reasons. According to Santiment, the decrease in charge is attributable to ETH’s recent price depreciation. Also, as a result of the consequent decrease in demand for ETH transactions.

Similarly, the network has recently seen a big reduction in large token holders, implying that ETH large holders are leaving the network in droves. Addresses with more than 1,000 ETH have hit new lows not seen since 2018. As a result, the price drop appears to be accompanied with whale dumping.