Ever since the beginning of 2022, the market sentiments have turned extremely uncertain as the upcoming move is becoming more and more unpredictable. While Bitcoin & Ethereum price was expected to hit $45,000 and $3,500 respectively, yet another pullback dragged the price below the support levels.
Currently, the ETH price is hovering just below these levels and also possesses the possibility of shedding another $100 shortly. Yet the later breakout is expected to be thriving.
Despite multiple pullbacks, ETH price maintained a significant uptrend until now and also managed to recover from the losses at the earliest. However, the silent trend of the asset is expected to break soon as the second largest crypto is displaying the upper target at around $7000.
Ethereum (ETH) Price To Surge 2x ?
According to an analyst, the upper cap of the target may also be extended to as high as $15,000 this year.
The ETH price forecast turned out to be more optimistic with a dreadful plunge towards the end. In order to begin with a strong uptrend, the price requires to slice through the $3000 levels to hit $3200 at the earliest. And at the same time, avoid plunging below $2550 amid the downtrend. If these conditions are met, the analyst believes the price targets of the asset may be in between $6900 to $14,800 in this year.
Ethereum price rally is considered as the most steady rally eliminating hefty plunges which drags more losses like many other tokens. Therefore, the ETH price is expected to consolidate at these levels for sometime to gain enough strength and finally propel towards the next highs.
Initially, the asset may try hard to sustain above $3000 and further attempt to clinch the $3700 to $3800 levels. Later with the market sentiments turning bullish, the ETH price appears primed to form a new ATH beyond $5000.
Source: https://coinpedia.org/price-analysis/ethereum-to-hit-this-level-by-year-end-eth-price-primed-for-2x/