The cryptocurrency market has undergone massive transformations in the last few months. Weak global economic and financial conditions, exacerbated by higher inflation and interest rate hikes, have prompted investors to sell riskier assets such as stocks and cryptocurrencies. With the crypto market’s value continuing to fall, investors continue to speculate on when cryptocurrency prices will rise. Experts believe that the crypto market will improve in the coming months, while others believe that investor sentiment will remain uncertain as long as digital assets fail to regain their individual price resistance.
Ethereum, as one of the market’s most powerful cryptocurrencies, has continued to pique the interest of bulls and investors. According to all recent surveys and analyses, the Ethereum price fell as soon as Bitcoin hit all-time lows. And, just as BTC struggled to reclaim its market position, so did Ethereum. At the time of writing, the price of Ethereum is hovering around the $1,100 mark. Nonetheless, Bitcoin bull Michael Saylor believes that Ethereum will remain a strong investment asset and has the potential to become the world’s largest cryptocurrency.
According to reports, Ethereum was trading within the ‘ascending triangle’ pattern, which alarmed investors because the cryptocurrency was predicted to fall below the US$900 resistance level. Even announcements of the Merge upgrade failed to pique the crypto market’s interest. The cryptocurrency market’s volatility prevented it from establishing a foothold and raising its prices. However, ETH buyers are probably no longer concerned because Michael Saylor’s comments may have sparked some hope among Ether investors.
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