On-chain activity on the Ethereum blockchain has decreased. Despite the bearish trend, Ethereum price jumped and climbed above the $1700 mark. Ethereum is expected to break even according to analysts.
Ethereum Price On A Bull Run!
Dr. Arnaut Ter Shure, a leading cryptocurrency analyst, used the Elliott Wave theory to set a target of $2,300 for Ethereum.
Elliott wave theory is a method of analyzing long-term price trends to discover and predict waves that signal possible price changes in the future. It uncovers pricing trends by revealing highs and lows.
Using this method to analyze Ethereum price patterns, the analyst claims that the fourth and fifth waves of the altcoin are coming to an end. When the wave ends, experts expect Ethereum to drop to around $1500, with the fourth wave ending around $2,150.
When the last wave of Ethereum 5 correction is done, it will end the correction that started in November 2021. A return to $2150 would consolidate a rise to $10,000.
Ethereum Fees All Time Low
After a carnage in the crypto market, Ethereum fees were at an all-time low. According to a study by crypto intelligence platform Sentient, there is relatively little activity in the Ethereum network. Analysts have discovered a link between low activity levels and stablecoin velocity.
Velocity is a metric for how fast money moves in the crypto space. On Ethereum, hibernation occurs at the current level of activity, stablecoin (DAI) velocity, and a small amount of on-chain activity. According to analysts, the bears are sleeping and waiting for a trigger.
In short, Ethereum bears are now sluggish, waiting for a catalyst in the price movement of the altcoin. The increase in DAI velocity could act as a catalyst for the Ethereum price increase.
According to crypto analyst and trader @BitQueenBR, the price of Ethereum is likely to drop towards $1400-$1500. Until then, experts predict a drop in the price of Ethereum.
