Ethereum’s Price Outlook Suggests Potential Correction Before Aiming for $2,000
Over the past two weeks, Ethereum has shown an impressive resurgence, surging from $1,527 to a peak of $1,867, marking a significant 22.6% gain. During this rally, Ethereum managed to reclaim important resistance levels at $1,600 and $1,700.
However, the road ahead is not without obstacles, as Bitcoin’s struggle to surpass the $35,000 mark has led to increased selling pressure throughout the crypto market, causing Ethereum’s recovery to plateau around the $1,800 mark. This has raised concerns about a possible correction.
The current market situation is characterized by a wedge pattern that seems to govern the ongoing correction. Daily candlesticks are showing indecision with rejecting wicks on both sides. There’s a bearish threat looming if Ethereum breaks below the $1,750 support, which could potentially result in a 15% downside risk for the cryptocurrency.
On the bright side, intraday trading volume for Ether stands at $6.6 billion, indicating a 17% gain. Despite the uncertainty, there’s still some room for optimism. If Ethereum manages to maintain a price above $1,750, it could pave the way for buyers to break out from the upper trendline of the falling wedge pattern.
Such a breakout could signify the end of the ongoing correction phase and push buyers toward an extended recovery with a target of $2,030, representing an estimated upside of 14%.
There are a couple of technical indicators that hint at the potential for a bullish continuation:
Exponential Moving Average: A potential bullish crossover between the 20 and 100 EMA slopes could provide support to buyers and help sustain the current recovery trend.
Vortex Indicator: A positive crossover state between the VI+ (blue) and VI- (pink) indicates that the market mood remains bullish, which could further support Ethereum’s upward momentum.
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Ethereum Advisor Steven Nerayoff Shares Bullish Insights on XRP Price
Steven Nerayoff, an early advisor for Ethereum, has weighed in on the discussions surrounding the price of XRP. Recent months have seen various predictions regarding the future price trajectory of XRP, with many of them leaning towards a bullish outlook.
In a recent social media discussion, Nerayoff expressed his belief that XRP “has no price ceiling” due to its unique use case. He emphasized the significance of Ripple’s influence in creating a “network effects” model for XRP, suggesting that the cryptocurrency could potentially evolve into a reserve currency.
Nerayoff’s support for XRP is notable, given the ongoing legal battle between Ripple, the company behind XRP, and the U.S. Securities and Exchange Commission (SEC). In the past, Nerayoff has accused the SEC of corruption in its dealings with Ethereum.
The pursuit of justice often requires patience and persistence!https://t.co/dsPclmQkkE
— Steven Nerayoff (@StevenNerayoff) October 26, 2023
When asked about the possibility of XRP reaching price levels above $10, possibly even surpassing $100, Nerayoff stated that such scenarios are feasible if Ripple succeeds in establishing a “network effects” model.
While acknowledging the complexity of predicting cryptocurrency prices, he expressed confidence in XRP’s long-term potential. He drew a parallel between XRP and the U.S. dollar, suggesting that XRP’s price might become less relevant in the future as its utility and necessity increase.
XRP was created by Ripple to enable fast and cost-effective cross-border payments. As more financial institutions and payment providers adopt Ripple’s solutions, demand for XRP is expected to rise. This increased adoption could position XRP to potentially serve as a global reserve currency, at least in part. Nerayoff also pointed out that Ripple might be facing regulatory scrutiny due to its potential in this role, alluding to the ongoing lawsuit with the SEC.
In terms of XRP’s current price outlook, it is trading at $0.546 at the time of writing, reflecting a 5.85% increase over the past week and a 61.25% gain since the beginning of the year.
Notably, a recent prediction from crypto analyst ERGAG CRYPTO suggests a potential XRP price rally of 40 times its current level, reaching $27 in the next bull run. Additionally, on-chain analytics firm Messari reported a substantial 390% increase in DEX (decentralized exchange) volume on the XRP Ledger during the last quarter.
