Ethereum Price Prediction as ETH Rallies Up From Recent Bottom – Is Now a Good Time to Buy?
The price of Ethereum has declined by 1.5% in the past 24 hours, with its fall to $1,869 coming as the wider cryptocurrency market drops by roughly the same percentage today.
ETH is now 3% up in the past week and only 1% up in the last 30 days, although the biggest altcoin has risen by 56% since the beginning of the year.
Encouragingly, ETH has also risen by 5% since last Thursday, when it declined to a two-week low of $1,775.
This suggests it may be gradually building momentum, and with the altcoin still arguably very undervalued, it could rally big in the not-too distant future.
While ETH has dipped, this means it's now due a rebound, as signalled by its various technical indicators.
Its relative strength index (purple) plunged below 30 earlier today, suggesting that it has been oversold by traders and is now at a steep discount.
On the other hand, ETH's 30-day moving average (yellow) hasn't fallen below its 200-day average (blue) just yet, so a few more days of falling may be needed before it fully recovers.
That said, the coin's rising support level (green) would indicate that it won't fall too far, and that now may be the time to buy, before big gains arrive.
And looking at Ethereum's enviably strong fundamentals, the cryptocurrency really should rally big this year.
For one, the implementation of staking has revealed considerable demand for ETH, with the introduction of withdrawals in April not actually leading to a flood of selling.
It's actually quite the opposite, seeing as how the quantity of staked ETH has increased from about 18 million in April to 21.5 million today, according to data from Dune Analytics.
This means that approx. 18% of ETH's total circulating supply is now staked, yet what's bullish is that this
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