Ethereum’s price has seen a massive increase in recent weeks, nearly doubling its price since June. The market as a whole saw only a slight increase. What caused the price of Ethereum to increase so massively and can the price continue to increase until the end of the year?
How has the Ethereum price been for the past few months?
In November 2021, the Ethereum price reached its all-time high of over $4,800. Many analysts predicted that Ethereum could break above the $10,000 mark in the coming weeks due to the bull market. But things turned out differently and the market soared. Ethereum also had to suffer such heavy losses.
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At first, the drop in Ethereum price was not so high. By the end of the year, the price had fallen to $3,800. Even in the first months of 2022, the decline was much less than, for example, the drop in the price of Bitcoin. But during the months of May and June, we saw massive price declines and the Ethereum price fell below $1000. The price was then able to stabilize again.
How has the Ethereum price been going for the past few weeks?
The Ethereum price has been able to stabilize again in recent weeks. However, the price not only remained at one level, but saw a fairly strong increase. From under $1,000, Ethereum rose significantly in July and again in August. This has caused the price to almost double since June.
The Ethereum price has now risen above $1,900 (as of August 12, 2022). The price has increased by 15% in the last 7 days alone. The rise in Ether price was far greater than the rise in Bitcoin price and most other cryptocurrency prices.
Why has the price of ether increased so much in recent weeks?
Over the past few weeks, Ethereum’s percentage gains have been significantly higher than other cryptocurrencies in the crypto market. Despite a bear market, the price has almost doubled in recent weeks. In contrast, the price of Bitcoin only increased by around 30% during this period. But what were the reasons for the rise of Ethereum:
- The crypto market as a whole has turned bullish again. After the massive losses in May and June, we have seen a rebound effect. This is mainly due to the fact that stock prices have also increased. The markets reacted positively to the good employment figures and to the central banks’ strategy to fight inflation.
- The Ethereum 2.0 update is fast approaching. This is intended to switch the Ethereum mainnet to proof-of-stake. This leads to greater network efficiency and scalability.
- Previously, we saw massive gains on the Ethereum (Layer-2) scaling solution Polygon. This positive development at Polygon also has a positive impact on the status of Ethereum.
How high can Ethereum go in the next few months?
Indeed, if Ethereum’s price increases continue at this rate over the next few weeks, there is a possibility that Ethereum could even climb above the $3,000 level by the end of the year. In this article, we ask ourselves whether this is possible.
If the price were to get another push from the upcoming Ethereum merger, Ethereum could rise well above $2,000 in the next few weeks. But almost everything depends on macroeconomic developments in the market. If the market turns bearish again, the price of Ethereum could quickly fall back.
Is it worth investing in Ether Token now?
With the surges of the past few weeks, Ethereum’s ether token is back on many investors’ radar. This raises the question of whether it is already too late to invest. But the potential for price increases in the next few months is very high due to market developments and Ethereum 2.0.
But even if the price of Ethereum does not rise in the next few months, your investment in the Ether token might be worth it in the long run. Because in the next big bull market, it is very likely that Ethereum will soon reach five figures. But it could take another 2-3 years.
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