Analyst Predicts Ethereum (ETH) Likely to Hit New All-time High in 2022

• ETH holdings on exchanges have been declining.
• Ethereum has been up 4.27% in the last 24 hours.

This year’s technical upgrade is expected to be successful, and analysts predict that Ethereum’s long-term positive bias will remain intact. At its monthly low on April 19, Ether (ETH), Ethereum’s native token, had fallen by roughly 20% in the previous three weeks. Since then, despite a return above $3,000, technical indicators point to more declines in the short term, according to a bearish pattern.

ETH may continue to fall towards its lower trend line at $2,700 after testing the top trend line of the bear flag on April 4. To reach its aim of length equal to flagpole height, prices might drop even more if the pattern plays out as expected.

Investors Optimistic About the Merge

Concerns about the lack of funds to invest in riskier assets are primarily responsible for the decline of ETH. However, investors still have some optimism that the much-anticipated “the Merge” protocol upgrade would bring about a long-term upward trend.

ETH holdings on exchanges have been declining, the number of non-zero ETH addressees has been rising, and more ETH has been pouring into Merge’s official smart contract in the months leading up to the technical upgrade. In addition, famous crypto analyst @ashwsbreal tweeted about a new ATH arriving soon in 2022 for Ethereum.

According to Seeking Alpha analyst Kennan Mell, Ethereum’s method of executing shadow forks before the Merge rollout boosts the update’s chances of being successful once it is released. As a result, those who have been sitting on the sidelines will be encouraged to buy Ethereum in the long term. According to CMC, the Ethereum price today is $3,061.17 USD, with a 24-hour trading volume of $16,469,462,172 USD. Ethereum has been up 4.27% in the last 24 hours.