Coins like Bitcoin are expected to sell below $40k again in 2022 after a 15 percent drop in the Ethereum price during the latest market meltdown. Most cryptocurrencies were hit hard by the downturn, yet others were able to not only resist but even thrive throughout it. At a time when the whole cryptocurrency sector was in freefall, Bitgert surged 60% in the last seven days alone. Is it possible to explain why different cryptocurrencies have had such divergent price movements over time? More information can be found at the following:
During the last seven days, Bitgert's coin performance has been astounding. With a weekly rise of over 60%, the coin has become one of the strongest performers in the crypto market. Why is Bitgert experiencing such a dramatic rise in price while the rest of the market is in free fall?
Bitgert's price is being driven up by the BRC20 blockchain, which was just launched. Bitcoin users will be able to transact on the Bitgert chain by paying a gas price of just $0.0000000000001, as the chain is "gasless." This Bitgert gas fee can be referred to as zero. A low gas fee is unique to this blockchain.
The Bitgert chain is currently quicker than Solana, making it the fastest chain in the market, aside from the zero gas price feature. More than 100k transactions per second have made Bitgert a sought-after asset for investors and anyone interested in blockchain technology. The coin's value has surged 60 percent as a result of these factors.
Centcex's price didn't take a big hit from the collapse of the market like Ethereum. Centcex's price did not soar like Bitgert's, but the coin was able to maintain a steady value. Coins dropped at a slower rate, not like Ethereum and Litecoin during the market downturn than those other cryptocurrencies.
As the bad market continues, the increasing number of Centcex token holders is helping to keep the price steady. As additional investors joined Centcex, the coin's market cap continued to rise. Centcex investors, on the other hand, were purchasing more while Ethereum investors were selling. The Centcex coin has made a remarkable return in the present bull market.
The price of Ethereum has fallen by 15% in the last seven days. Despite the recent market meltdown, it is one of the best-performing cryptocurrencies in February. The steep decline was likely brought on by market forces, but it's possible that waning interest in Ethereum coins played a role as well. The Bitgert chain, for example, is quickly becoming a formidable opponent for Ethereum.
As a result of the Bitgert blockchain's faster speed and reduced gas prices, the market's performance will change. Ethereum's uptake is also waning as more developers go to Bitgert for its lower gas costs and faster transaction times instead of Ethereum. As a result, it is possible that competition is to blame for Ethereum's steep decline.
An uncertain economic climate and fluctuating asset prices characterized cryptocurrency trading on March 3, which was marked by choppy market circumstances.
With ETH (Ethereum) trading from a daily low of $2,784 to a daily high of $3,044 according to data from Cointelegraph Markets Pro and TradingView, gains achieved on March 2 were erased on March 3.
Analysts in the crypto sector are predicting what could happen to the price of Ether in the coming weeks and months.
Above $3,200, Ether is a "secure" investment.
Options trader and pseudonymous Twitter user John Wick gave an analysis of weekly price activity for Ether that implies that Ether has confirmed a turnaround in price.
There is a reversal and a double bottom in place for the weekly Ethereum, according to the analyst. As a first goal, I wouldn't be surprised to see it take us down to below $5,000.
Similarly, Crypto White Walker, a pseudonymous Twitter user, remarked that he "would want to see a wick to $2,600s again before it starts its rise" after posting the ETH/USDT 1-week chart.
In the perspective of Crypto White Walker, a safe purchasing zone will only be reached after it smashes the lower highs on the daily time frame and closes above $3,200." "It is expected that the weekly RSI will be between 55.55 and 56.5 throughout the next few weeks."
Ether must hold above $2,830
Crypto trader and pseudonymous Twitter user Altcoin Troy provided insight into the price movement of Ether on a lower time frame chart, which showed the primary areas of demand for Ether.
According to Altcoin Troy, "We're now testing the H1 demand zone/orderblock at $2,800.” With the 200-hourly EMA, which I would also like to see hold. There is a key level to recapture for more potential around $2,830."
A fractal from 2016 suggests that a breakout will occur soon.
Crypto expert and pseudonymous Twitter user TechDev shared a chart on Twitter comparing the current price activity to the price action in 2016.
In an interview with TechDev, Ethereum's "primary idea" was mentioned (and alts in general). In 2016, even printing a macro lower low, imagine how bearish everything appeared..."
As Ali charts noted, "check out how similar the consolidation period that Ether endured between March 2016 and January 2017 looks to the price action that Ether is currently going through" in a chart posted on his website.
As predicted by TechDev and Ali Charts, Ether's price could rise as high as $28,000 during the next major bull wave.
In terms of cryptocurrency market capitalization, Bitcoin currently holds a 43.1 percent share of the market.
Technical Indicators \sTrading Volume: The volume has been declining during this most recent surge, which throws some doubt on a probable continuation.
RSI: There is currently a 55-point daily, however it has since begun to decline. Should ETH fail to break the major resistance, then the RSI will confirm a lower high, which is a bearish indicator.
MACD: The daily MACD is bullish, and should ETH suffer a slight pullback, this will likely not be sufficient to shift the present bias.
The bias for ETH is bullish in the short term, but the price has to climb above $3,000 shortly. Otherwise, the opinion can alter.
Short-Term Price Prediction for ETH
ETH seems anxious to continue higher, but the resistance above $3,000 is being defended by sellers. Unless this level is turned into support, the cryptocurrency will not be able to proceed further.