Cryptocurrency News

Ethereum Reaches $3000 Again. What Does It Mean for Investors?

Ethereum Reaches $3000 Again. What Does It Mean for Investors?

Ethereum seems to be reclaiming the ground it has lost in the last couple of months as the market fell into a quagmire. The last couple of weeks, however, put some positive values on the board. Bitcoin and Litecoin have both managed to climb up 10% and continue the growth up until now. But, Ethereum is clearly the show-stealer as it skyrocketed to $3000 after falling to the $2200 range amidst great expectations. Now, again Ethereum reaches the book of predictions and is looking hale and hearty to set new records.

Once the coin reached the $3000 level, crypto analyst and YouTuber Benjamin Cowen addressed his 700,000 followers to announce what might be in store for the second-largest coin in the months to come. While addressing, Cowen noted that the smart contract platform remained in its position between $2000 and $4000 for almost a year now. This trend is uncannily similar to the coin’s trajectory in 2016-17. If this speculation is right, Ethereum might be racing towards setting new all-time high values by mid-2022. Read more here about Ethereum predictions for this year.

Cowen believes that a high-profile coin like Ethereum is unlikely to spend a year in the same position. This could mean only one thing, and that is “history repeating itself.” It must be noted that the coin has moved “sideways,” as Cowen says, for over a year before reaching new heights in 2016. Such a trend is typically initiated by a bearish trend that brings the coin towards the bottom. Then the coin reaches some ground and maintains a non-impulsive pace until the market stabilizes. Then a sudden boom would bring the coin off the charts.

Once upon a time, the market of Ethereum operated with similar emotions. Although the numbers are nowhere near, such emotion is highly likely to yield a great profit for the investors. But the investors cannot just wait for it to play its part. The passivity from investors might affect the trajectory of the coin currently. According to the analyst YouTuber, firstly, they need to “consolidate for a little bit and start pushing higher.” This way, they can ensure the coin plays out its part with the anticipated result.

Earlier, several theses regarding Ethereum investment claimed that the cryptocurrency might post some new records in 2022. Now, this argument from Benjamin Cowen proves that it could be possible that the coin reaches it by as early as May or by July. Furthermore, the current dip of Ethereum is also slowly being patched, removing any doubts about losing the value of one’s money. So, now might be a good time to change your portfolio to make room for Ethereum.

What is your reaction?

In Love
Not Sure
Elizabeth Bullock
Elizabeth Bullock is a cryptocurrency trader and actively participates in crypto-exchanges. She has knowledge of various cryptocurrencies. She also has keen interest in finance and is a finance blogger.

You may also like

Leave a reply

Your email address will not be published. Required fields are marked *