Mining crypto

Ethereum price predictions: will ETH crypto go up?

Source: viktoryabov / Shutterstock.com

With Ethereum (ETH-USD) dropping 16% to $1,237 this morning, the crypto’s plunge is partly blamed on a potential postponement of a change in the rules governing Ethereum mining. Meanwhile, analysts are releasing large-scale Ethereum price predictions.

A change that will make it more difficult to mine Ethereum, thereby reducing the number of crypto miners, is postponed, Bloomberg reported. However, plans to switch Ethereum to a greener “proof-of-stake protocol” from its current “proof-of-work” standard in August remain on track, the news service said, citing officials. “developers”.

Other factors pushing Ethereum lower include concerns about interest rate hikes amid high inflation rates.

Technical analysis and Ethereum price predictions

According to FXEmpire, “Technical indicators such as the RSI are deep in oversold territory for [Ethereum] at this time.” The website added, however, that: “While there may be a slight upside bounce, the bear market is only deepening, which means more pain ahead for Ethereum. and all cryptocurrencies for a while.”

Additionally, analyst Alan Kreuger noted over the weekend that Ethereum reached $1423, its peak during the last crypto surge of 2018. The currency, however, fell well below this level.

FXEmpire added that “technical analysts are predicting a massive drop in Ethereum prices following the formation and confirmation of a head and shoulders pattern.” Moreover, an analyst, Vince Price, estimates that the crypto will fall to around $650.

Much less bearish is GovCapital, which believes Ethereum will rise to $3,810 next year. Meanwhile, PortfolioInvestor predicted that the price of Ethereum would climb to $3,063 in 12 months.

Shortly before 9:00 a.m., Ethereum was changing hands for $1,237, slightly above its daily low of $1,191. This latest level also represented a 52-week low for the crypto.

As of the date of publication, Larry Ramer had (neither directly nor indirectly) any position in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to InvestorPlace.com publishing guidelines.

Larry Ramer has researched and written about US stocks for 15 years. He was employed by The Fly and Israel’s largest business newspaper, Globes. Larry started writing columns for InvestorPlace in 2015. Some of his highly successful contrarian picks include GE, solar stocks and Snap. You can reach him on StockTwits at @larryramer.