After a painful year for investors, all signs are currently pointing to an ETH price bottom forming.
After trading within a $200 price range for over a month, Ethereum is starting to build for a bullish push. Holding strong support for days on end at the $1280 mark, sellers are running out of assets to sell. With a drop of 73.5% from a high of $4878 to reach current levels, buyers are seeing value in the number-one TVL network and have begun accumulating.
This kind of macro bottom formation is also signaled by the Ethereum Volatility Index. As per Messari’s price-to-volatility chart, the ETH price movement is reaching lows last seen before a +50% push in March and April and lows not seen since 2020 previously, when ETH sat at around $350 before making the incredible 12x run to $4300.
With the merge now in place and ETH issuance dropping daily, meaning less inflationary tokenomics which are likely to become deflationary in the future, the demand for ETH will begin again as investors begin to realize that the macroeconomic issues surrounding the Eurozone and other countries facing huge inflation are already priced in.
One protocol that is sure to benefit from this will be Uniglo.io. Set to launch on Ethereum next month, Uniglo will benefit significantly from the next influx of money into the network looking to find a home.
With the current presale, an algorithm has calculated demand over time to automatically adjust the presale price, causing a +55% increase in the price in a short period. Keeping this demand in mind that this performance was during a bearish trend period and then accounting for bull market conditions, it is likely to see Uniglo.io making a strong move to around $0.65 from its current price of $0.0155. This is the likely scenario due to the reasonable starting market cap of the platform, valued at under $4 million.
Don’t get left behind as these coiled springs look ready to bounce.
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Source: https://www.thecoinrepublic.com/2022/10/23/analysis-suggests-ethereum-has-bottomed-in-macro-terms/