Ethereum price EXPLODES after Reddit NFT adoption! BUY $ ETH NOW?

When the cryptocurrency crash began, the Ethereum price fell from its record high of $ 4,850 to a low of $ 880. As the price dipped below the psychologically important $ 1,000 level, many investors feared that the price of ether would dive even lower. However, the price turned directly over the 1K mark again. Today, the Ethereum price has risen more than 10% as the crypto market is back in black. Does this mean that Ethereum has reached the bottom and that the price will rise again from now on? Is it advisable to buy ether at current price levels? More about this in this Ethereum pricing forecast

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What is Ethereum (ETH)?

The story

Ethereum’s main network was launched in 2015. The biggest pioneers in the development of Ethereum were Vitalik Buterin, Gavin Wood and Jeffrey Wilke. The market value grew very fast and it did not take long before ETH became one of the largest projects in the crypto industry.

How does Ethereum work?

Ethereum started with the same consensus mechanism as Bitcoin, proof-of-work. But now the project will switch to proof-of-stake. At Ethereum, this new protocol is called Casper. Unlike Bitcoin, Ethereum has a Turing-complete virtual machine. This engine can be used to develop powerful decentralized applications, better known as smart contracts. These programs are stored on the blockchain in the form of transactions. Users should then be able to access the features of these applications through transactions. This means that the basic conditions of the program can be changed depending on the logic and situation.

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Why is the Ethereum price rising today?

Ethereum 2.0 is just around the corner – does the price feel that way too?

Vitalik recently gave an update on the Ethereum development. Many people expect that the first step to the transition to Ethereum 2.0 (aka merge) will happen soon. In fact, there have been successful tests on the test server, and many developers predict that the mainnet merger will go smoothly. This gave the community a lot of hope.

Reddit announces its NFT avatar marketplace

There is a lot of positive news regarding Metaverse projects and interest in Web 3.0 from large companies. Reddit has just announced the launch of its new NFT avatars. Users will also be able to use these avatars on other platforms. As you may have guessed, Reddit announced that users will be able to use any Ethereum-based NFT as their avatar. This news also drove the ETH award further up.

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Ethereum price rises rapidly by 10%

Now that we’ve been to a bear market, you might be wondering: Why is Ethereum shooting up? What happens? I just sold everything! Well, it’s true that the ETH price plummeted from an ATH of $ 4,850 to a low of $ 880. But in a previous article, we talked about the importance of the $ 1,000 mark. This psychologically relevant price level allowed the ETH price to consolidate for a short period of time while waiting for positive fundamental news. Now that big companies like Reddit are moving towards Web 3.0 integrations using the Ethereum blockchain, investors are rushing back to the market and buying ETH, which logically led to a price increase.

In Figure 1 below, we can see how our previous forecast has come true thanks to positive news from the market. This caused Ethereum to rise from a price of $ 1,000 to $ 1,200 and see a 20% gain in 7 days.

Fig.1 ETH / USD 1-day chart shows uptrend of ETH – GoCharting

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Ethereum price forecast – where will the ETH price go?

Now that the price has risen 20%, we should expect a retracement. If we plot the Fibonacci retracement in Figure 2, we see that the price may fall as low as $ 1,116. However, if market momentum continues to develop positively, we can expect the price to reach the second target of $ 1,400 as well.

Ethereum course
Fig.2 ETH / USD 1-day chart with possible ETH price forecast – GoCharting

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