In 2021, Ethereum enjoyed its best year. It reached a market valuation close to half a trillion dollars, breaking its all-time highest price. After the recent market crash, Ether prices plummeted from USD 4,350 to USD 1,750. Ethereum is still a leading contender in smart contracts. The high gas fees are the only concern with this project. Why did Ether crash when Ethereum’s fundamentals have not changed? Will Ether’s price rise again?

Ethereum Price Analysis

All of the Ethereum investors were in shock. The catalyst for the entire crypto crash was Vitalik, their blockchain creator. Many projects that used the Ethereum blockchain or those that revolved around it were trying to get there. Ether was generating new all-time highs week after week. The current crash has erased all gains, bringing the price down to where it was a month ago.

In June, Ethereum was set for major changes and it is still. However, Vitalik, the creator and founder of Ethereum, decided to dump a lot of Dog Tokens. This caused a negative sentiment within the crypto community. The dump of Ethereum tokens had a major impact on Ether’s value. This was because most projects use Ethereum blockchain. Later, the sentiment in the crypto market with Elon’s tweets also affected Ether’s price.

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This led to a significant price drop. Figure 1 shows how prices fell from their uptrend track following the Vitalik dump. This dump reached strong support at USD 1,900 and then reached support at USD 2,500. The current prices are in the same area as this.

Ethereum Price Prediction

Will Ethereum return to its Uptrend? As we have said, it is important to “zoom out” to see the larger picture. It is very helpful to be able to see the macro price action in order to forecast future trends. It is evident that this is the case for Ether. If we zoom out, as in figure 2, you can still see a clear uptrend. The deviation from the average channel of uptrend was bound to cause a correction back to it. This is exactly what Ether experienced, and we expect even bigger moves in the future.

However, Ether’s value should reach USD 3,000 by mid-June. This date coincides with EIP 1559, which will be applicable on Ethereum’s Blockchain.

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The Crypto Market as a Whole

Most cryptos have seen a consolidation or even adjustment upward in the last 24 hours after the recent heavy crash. The top winners of the day were mainly small-cap cryptos like HOLO, Ethereum Classic, or SwissBorg. Revain, Waves and Synthetix were the biggest losers.



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