Will Ethereum go up? $ETH has risen 28% since the June bottom but caution is necessary.
Will Ethereum go up? Ethereum is in the middle of a major pump
Why was Ethereum going down?
Cryptocurrencies began to fall after the US Inflation rate breached the key 6% level.This is in turn related to many factors including Crude oil prices.Look at how Crude Oil prices have increased over the last 6 months.It is the exact mirror of Ethereum’s prices.This mirroring is coincidental as there are other factors as well but this is an important metric to track if we have to predict when Ethereum will rise.
Ethereum’s unwinding between May and June coincides with a significant drop in TVL (Total Value Locked) on the Ethereum Blockchain during and after the $LUNA Crash and the weekend crash.
Alts are getting hammered and since most of them trade on Ethereum, ETH is hurting the most.With the overall crypto market heading lower and many transactions operating on the Ethereum Blockchain, this was expected.Ethereum was hurt much more after the $LUNA Crash.
Will Ethereum go up? Why is Ethereum rising?
Ethereum has already risen 28% from June’s bottom.
Jadid Herrera ( @jadid
[#ETH] ereum’s relative price resilience going into the weekend stems from anticipation of the network’s upcoming transition to [#PoS] .On Thursday, the network successfully ran one of the last tests before The [#Merge] , which pushed [#ETH] up almost 13% within 24-hour [#MarketUodate]
The [#Merge] will transition the entire [#Ethereum] network onto a PoS version of itself that’s running in parallel to Ethereum’s current [#PoW] mainnet.On Friday, Beacon Chain community manager superphiz.eth shared a tentative timetable of the final updates.
$ETH [#Crypto] [#MarketWatch]
That said, there is a high possibility of volatility over the next few months depending on the following
– State of Inflation and how long it would last above 6%
– State of the US Economy – whether a shallow or a deep recession
– Whether the Russian Invasion will topple the Eurozone into a deep recession which in turn will hurt the global economy
When will Ethereum go up?
– Ethereum has already risen from June’s bottom, thanks to predictions of shallow recession and more certain dates for the Merge
– Ethereum is likely to go up further ifEnergy prices (Gas prices) in the US have begun to fall over the last 1 month.However, much of the benefit of this fall is likely to be visible in August.Consumer spending on Goods began to fall in May itself and may fall even more so in June.So the chances of a lower inflation rate are moderate
– Ethereum is likely to go up in August if the US reports a lower consumer inflation rate.Given 3 interest rate hikes by the Fed by August and Crude oil prices likely to have fallen closer to $100, the chances of this are high
Will Ethereum go up? What are the risks of this not happening?
– Another Luna or Celsius kind of Crash
– US economy falls into a recession and there are job losses
– Competition upgrades like Cardano’s Vasil Hard Fork taking customers away from Ethereum
– [Eurozone economies] get into deeper trouble on account of the Russian Invasion and counter-sanctions
Should you buy Ethereum now?
Yes if the desire is to hold for 3 to 5 years.In the short run, the volatility will likely be high given the uncertainties listed earlier.
In fact, we have twice seen Luna Classic pump 2-3 fold and then recede significantly.So any news-driven pumps may not necessarily sustain beyond a week.
net..
