The Ether token, native to the Ethereum network, gained around 11 percent in the last 24 hours following the release of the network’s shadow fork 9. It was trading at approximately $1,077 on Friday morning. During this period, the cryptocurrency had a strong 11-percent overall trend. The token’s price is currently at $1,223.71, up 13 percent from its previous close. This article will go over any recent developments that might affect ETH and will issue an Ethereum price prediction for the next several weeks.
Ethereum Price Bounces Back
There was a lot of volatility in the market on Thursday. However, ETH managed to bounce back from a near-selloff to a high of $1,120. The token fell to a low of $1,000 in the previous session, but it managed to bounce back today and is currently trading at around $1,180. Earlier bulls had started to turn negative, with prices approaching the $1,000 mark.
The market’s lack of direction makes it difficult for investors to predict future price movements. The 20- and 50-day moving averages are also trending sideways. If the market wants to continue moving higher, it must see strong relative strength to trigger a significant rally. However, the Relative Strength Index (RSI) indicator is still below its ceiling. Despite the recent decline, there is still optimism that the sentiment could turn around soon.
In late June, the assets under the management of Ether-based funds experienced a spike in outflows. This move was mainly due to the flows from Bitcoin-focused funds.
The recent decline in the market has been attributed to the outflows from funds. However, the price of Ether has not reflected the changes in the sentiment of institutional investors. In the last 24 hours, the token’s price has increased by 12%, with a 0.68% drop over the previous week.
Ethereum Shadow Fork 9 Successful
One significant contributor to Ethereum’s top performance this morning is the successful integration of the latest Shadow Fork 9 with ETH’s blockchain.
Developers deployed the latest fork to Ethereum’s network on July 14th in preparation for ETH’s blockchain to transition from a proof-of-work to a proof-of-stake consensus mechanism.
By switching to a proof-of-stake consensus model, Ethereum’s blockchain will substantially reduce its ecological footprint as miners wouldn’t need to waste precious electric power to secure Ethereum’s network.
Ethereum Price Prediction for Next Week
As there were no problems integrating the latest fork, the market responded positively, driving Ethereum’s price up over 12%, currently trading at $1,230, testing the 1-month high.
If Ethereum’s price breaks above the $1,250 level, ETHUSD could peak as high as $1,464 or even $1,767, looking to establish support at these levels. Our prediction for Ethereum’s price next week is in the $1,450 range, assuming crypto markets don’t end up correcting as some analysts predict.
Positivity Around ETH Increases
According to CoinShares, there has been a significant improvement in the flows of Ether-based assets. According to the manager, there were positive flows into various Ether-based products for three straight weeks. These products had accumulated around $7 million in institutional investments. On the other hand, Bitcoin had outflows of up to $1.7 million.
The company noted that the increase in the flows of Ether funds could be attributed to the anticipation of the upcoming merge. It also stated that there had been several weeks of outflows from the asset funds in 2022.
For the year, the total outflows have increased to almost $500 million. This move suggests that cryptocurrency’s sudden positive sentiment is helping the market.
According to Jesus Crypto on Twitter, there is a chance that ETH could overtake Bitcoin in 2030. He noted that the upcoming proof-of-stake technology could help boost the cryptocurrency’s chances of becoming the world’s number one.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.
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