I will publish daily technical analysis daily of Ethereum from now and will review under 1 minute. If you want to know other cryptocurrencies, please comments below.
Since Ethereum is the second largest market cap in cryptocurrency world. It is hard to not notice the price.
Technical Analysis
My previous prediction is that Ethereum will break around $1.2K.
You can reference my previous article here.
However, there is not much room left for Ethereum to break through. I will think that the price range is around $1K.
The most bullish news is that Ethereum Google search is surging and Goldman Sachs projection of $20K long term view. It will help to boost more users to join and help to hit $2K.
The most bearish news is that institutional investors are taking profits at the trending rallied on Grayscale's Ethereum Trust which may not directly impact Ethereum price in short term and it may signal more inflation of price target in the future.
Why bearish on higher price target of Ethereum?
Ethereum is symbolic of fiat currency. Once transaction fee is too high, it becomes inefficient to spend the currency. Although there is layer 2 operation to accommodate its blockchain operation, higher the price will continue congesting electronic ledgers to bring down its operating efficiency.
As 01-07-21, Ethereum Value = $1k ~ $1.5k
Thanks for reading and see you tomorrow!
Disclosure: I/we have no positions in any cryptocurrencies mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose cryptocurrencies are mentioned in this article. This information is only for educational purposes.
