Ethereum (ETH) Price Analysis: Could This Be the End of Market Crash?
Ethereum‘s price is trading firmly above $1000, despite Bitcoin’s struggles to gain the levels back above $20,000. The current bounce from the lows just above $1000, a couple of times indicates the possibility of the ETH price maintaining a notable upswing. However, the upper target may not be too far, as the possibilities of creating a hopium also emerge.
The crypto markets have been negatively impacted by multiple external factors that include LUNA-UST, Celsius & the probable Tether in the coming days. However, after experiencing tremendous selling pressure from the levels close to $3000, ETH’s price is leaving no stones unturned to keep up the $1000 levels.
However, this descending trend is expected to end very soon as the asset has completed its ‘AB-CD’ pattern and may ignite a strong price reversal.
No doubt the price reversal may take some time, also carrying the possibility of a retest towards the lower support before igniting a strong uptrend. The levels between $980 and $1150 have held the price pretty firmly during each price crash and hence can be considered as crucial support zones.
While the ETH price is sustaining above $1000 amid the bearish conditions, speculations of a price manipulation emerge. In a recent update, the reports of Ethereum developers delaying the difficulty bomb by another 100 days have been outspread in space. According to an analyst, these updates are used to create hopium and elevate the prices of the asset.
These “updates” only exist to create hopium and pump the coin. Since we’re in a bear market, the update will essentially be worthless as prices won’t react.
So they just delay it for several months, and hope the market changes by then (hint: it won’t).
— CryptoWhale (@CryptoWhale) June 30, 2022
The current market conditions are pretty shaky and hence launching any update currently may not impact the price in any way. Hence the upgrade is purposely delayed by several months until the markets flip from the bearish trend. Therefore, only then one can expect a change in the Ethereum(ETH) price trend.