ETH Price Prediction: $10,000 Possible as Trading Volume Hits $10 Billion

Ether (ETH), the cryptocurrency that powers the world’s largest and most widely used smart-contract-enabled layer 1 blockchain Ethereum, has been nudging higher in recent trade and was last changing hands in the $1,610 area, up nearly 5% from earlier weekly lows in the $1,530s.

Since fears about FTX’s plans to sell $3.4 billion in digital assets weighed on mood earlier this week, crypto markets have experienced a broad recovery.

Jeff Dorman, CIO of digital asset investment firm Arca, was mentioned in the crypto press on Tuesday as claiming that the market’s reaction to prospective FTX sales was an overreaction.

“The way crypto market makers and traders are front-running the FTX supply shows a complete misunderstanding of how a syndicated sale process works,” he explained, adding that “this isn’t an every-man-for-himself VC unlock… This is a court-ordered process that Galaxy will sell gradually and strategically.”

According to CoinGecko, 24-hour trading volumes in the Ether market of roughly $10 billion indicate probable drop buying activity.

Given the cryptocurrency’s relatively unfavourable near-term technical picture, recent Ether price stabilization will not alleviate concerns over a price plunge to sub-$1,500 levels.

Ether is still trading below its 21DMA, which has previously provided strong resistance, as well as below a downtrend that began in August.

A break above these resistance levels will be required to enhance the short-term outlook.

For the time being, with Ether forming a bearish descending triangle pattern, a plunge to sub-$1,500 levels remains a distinct possibility.

A retest of the March lows around $1,370 is still a significant possibility.

The fundamental picture, perhaps, does not warrant a return to such levels, thus heavy drop buying is expected.

Future ETF approvals for ether are expected in the next months, with spot ETF permits expected next year.

Meanwhile, Ether has so far avoided the wrath of the US Securities and Exchange Commission by not being classified as a security (unlike key competitors such as BNB, SOL, and ADA).

After the 2022 fall, Ether appears to be in the early accumulating stages of a new bull market that has yet to fully take off.

To stay informed about current events, please like our Facebook page https://www.facebook.com/BOLUrduNews/.

Follow us on Twitter https://twitter.com/bolnewsurdu01 and stay updated with the latest news.

Subscribe to our YouTube channel https://bit.ly/3Tv8a3P to watch news from Pakistan and around the world.

Also Read

Decentraland Price Prediction: Today’s Decentraland (Mana) Price, 13th Sept 2023

Decentraland price prediction – Here’s the latest Decentraland (Mana) price prediction and Mana TO USD...