In his recent analysis, Bloomberg’s leading analysts predicted that ETH would outperform Bitcoin as the market will soon enter the bullish zone.
ETH experienced a gain of 0.5% in its price at a time when all other major cryptocurrencies plunging.
Currently exchanging hands at $1,215.91, the current currency price shows an overall gain of 6% for the first time over a month.
The recent gain in the price is very surprising for investors as it has appeared at a time when the global market cap of the industry is diminishing.
Despite the current economic unrest, Bloomberg investor Mike McGlone seems optimistic about the price rise of ETH.
Apart from McGlone, some other market analysts have also said that the price of ETH will rise once the market overcomes its current challenges.
It might replace Bitcoin as the world’s most valuable cryptocurrency.
Investors also believe that once 2022 passes, the cryptocurrency market will enter a strong bullish zone.
This means now is the time to invest in ETH.
The Technical Price Analysis of Ether (ETH)
The most recent graph of cryptocurrency shows that it has gained strong momentum. This momentum can help ETH to go further higher.
A strong price rally is expected from Ether at the end of the year. Over the past few days, the RSI of ETH has risen by 40 points.
This shows that ETH is currently on the upside; this means the current buying pressure is high, and the selling pressure is low.
If we look at ETH’s moth price fluctuation curve, it has entered the blue zone, and with the current rise in price, the curve will soon enter the green area.
This means the cryptocurrency has touched the 200-day average, which has really helped it to go upside.
When Will ETH Go Further High?
Analysts have stated that cryptocurrency will successfully retain its current price for the remaining days of December 2022.
With the start of the new bulls are expected to dominate the market. During this new bullish period, ETH’s price will rise rapidly compared to all other cryptocurrencies.
Moreover, it might become the world’s most valuable digital token. It is important to understand this is only the opinion of a crypto analyst.
McGlone tweeted that a closer look at the ETH’s price ratio to BTC shows that it’s constantly rising, even in the previous bull run in 2021.
This stability is because ETH belongs to the class of stablecoins.
Moreover, McGlone also tweeted that this pattern is likely to continue in the future as the digital currency market and fiat currency market are both expected to enter the bullish.
ETH’s solid base and the currency’s basic fundamentals are very good. The currency’s strong technical position gives ETH a competitive edge over other currencies.
This means another price rally can be seen at the end of 2022. So, now is the time for investors to trust the current momentum gained by cryptocurrency.
It is also important to remember that currency’s September upgrade has made it more scalable and efficient.
Furthermore, ETH has recently shifted from POW to POS, making cryptocurrency more deflationary.
Talk of ETH’s native blockchain Ethereum, it is already the biggest blockchain layer 1 platform. As of this writing, Ethereum holds 58% of the total investment of the Defi sector.
It is quite clear that the current dominance of Ethereum will only grow stronger once the market recovers.
This strong blockchain paradigm is another major factor that helps ETH to stay stable regardless of market conditions.
Moreover, most recently, it has been experienced that the cryptocurrency market’s whales, the big investors, are rapidly accumulating ETH in their portfolio.
This strategy clearly says that an upcoming bullish trend is around the corner, and Whales are ready to go big in this bullish trend. This shows that now is the right time to invest in Ether.