{"id":416957,"date":"2022-03-16T17:03:09","date_gmt":"2022-03-16T14:03:09","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/3-reasons-why-ethereum-price-can-still-retest-3k-this-month\/"},"modified":"2022-03-16T17:03:09","modified_gmt":"2022-03-16T14:03:09","slug":"3-reasons-why-ethereum-price-can-still-retest-3k-this-month","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/3-reasons-why-ethereum-price-can-still-retest-3k-this-month\/","title":{"rendered":"# 3 reasons why Ethereum price can still retest $3K this month"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a40a447e9a40\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a40a447e9a40\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/3-reasons-why-ethereum-price-can-still-retest-3k-this-month\/#%E2%80%9D_3_reasons_why_Ethereum_price_can_still_retest_3K_this_month_%E2%80%9C\" >&#8221; 3 reasons why Ethereum price can still retest $3K this month &#8220;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/3-reasons-why-ethereum-price-can-still-retest-3k-this-month\/#ETH_price_paints_%E2%80%9Csymmetrical_triangle%E2%80%9D\" >ETH price paints &#8220;symmetrical triangle&#8221;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/3-reasons-why-ethereum-price-can-still-retest-3k-this-month\/#The_Merge\" >The Merge\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/3-reasons-why-ethereum-price-can-still-retest-3k-this-month\/#Positive_divergence_between_utility_and_prices\" >Positive divergence between utility and prices<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_3_reasons_why_Ethereum_price_can_still_retest_3K_this_month_%E2%80%9C\"><\/span>&#8221; 3 reasons why Ethereum price can still retest $3K this month &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-128018ef>Ethereum&#8217;s native token Ether (ETH) could reach back to $3,000 in March, backed by a mix of short-term technical, fundamental, and on-chain catalysts.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"ETH_price_paints_%E2%80%9Csymmetrical_triangle%E2%80%9D\"><\/span>ETH price paints &#8220;symmetrical triangle&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The first interim bullish outlook for Ether ironically comes from a bearish continuation pattern<\/p>\n<p>Notably, ETH&#8217;s 50%-plus decline from its all-time high of around $4,650 on Dec. 2, 2021, followed up with forming a consolidation channel called a symmetrical triangle. Hence, the Ethereum token has been fluctuating between a falling upper trendline and a rising lower trendline since the beginning of this year.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-03\/2e2a550e-6cae-4db2-956e-2dc6d1111a01.png\"><figcaption style=\"text-align: center;\"><em>ETH\/USD daily price chart featuring symmetrical triangle. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>ETH\/USD last retested the triangle&#8217;s lower trendline as support on March 14 near $2,500, following a sharp correction after finding sellers near the 20-day exponential moving average (20-day EMA; the green wave in the chart above). S<\/p>\n<p>ince then, ETH&#8217;s price has rebounded by as much as 9.26%, closing above the 20-day EMA resistance on March 16 to reach almost $2,750.\u00a0<\/p>\n<p>A decisive rebound move, accompanied by a rise in trading volumes, could have Ether eye the triangle&#8217;s upper trendline as its next upside target near $3,000.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"The_Merge\"><\/span>The Merge\u00a0<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>On March 15, Ethereum developer Tim Beiko announced that they have successfully tested the &#8220;Merge&#8221; on the Kiln testnet, raising speculations that the protocol would completely switch from proof-of-work (PoW) to proof-of-stake (PoS) in Q2\/2022.\u00a0<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">And it seems to have worked  Post-merge blocks are being produced by validators, and they contain transactions! <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/xearnsuZFp\">https:\/\/t.co\/xearnsuZFp<\/a><\/p>\n<p>Just waiting on finalization now  <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/BEfJOI4qqj\">https:\/\/t.co\/BEfJOI4qqj<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/c4p1UXB5vw\">pic.twitter.com\/c4p1UXB5vw<\/a><\/p>\n<p>\u2014 Tim Beiko | timbeiko.eth  (@TimBeiko) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/TimBeiko\/status\/1503752683701870592?ref_src=twsrc%5Etfw\">March 15, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The euphoria around the Merge has acted as one of the main bullish prospects behind Ethereum&#8217;s growth since the introduction of its first consensus layer upgrades in December 2020. <\/p>\n<p>Arcane Research <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/static1.squarespace.com\/static\/60377b34e7791c1277aaae97\/t\/62309e1bd20cd35e32a1943f\/1647353376216\/Weekly+update+-+Arcane+Research+%28Week+10%29+2022-beskyttet.pdf\">noted<\/a> in its latest weekly report that a total of 312,000 validators staked 10 million ETH on the Merge \u2014 also called Ethereum 2.0 \u2014 smart contacts. <\/p>\n<p>That amounts to nearly $26 billion worth of Ether, more than 8% of its total circulating supply, now locked away.\u00a0The prospects of more Ether going out of circulation, coupled with hopes of higher demand, have pushed its price up by nearly 360% from its December 2020 low of around $525 to date.<\/p>\n<p>Lito Coen, the founder of Crypto Testers, a product comparison platform, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/litocoen\/status\/1503299334942740487\">anticipates<\/a>\u00a0Merge&#8217;s launch to have Ethereum&#8217;s daily emission rate slashed from 12,000 ETH a day to 1,280 a day, noting that the network&#8217;s &#8220;yearly inflation will go down from 4.3% to 0.43%&#8221; \u2014 equivalent of three Bitcoin halvings.\u00a0<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-03\/c0884f2f-c35c-4525-a182-7a23527d80b1.png\"><figcaption style=\"text-align: center;\"><em>Ethereum supply growth. Source: Lito Coen<\/em><\/figcaption><\/figure>\n<p>&#8220;And the 0.4% inflation figure is without taking into account the automated ETH\u00a0burn introduced by EIP-1559 ($5b burnt since launch) taking ETH\u00a0burn into account Ethereum will be deflationary,&#8221; Coen wrote.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Positive_divergence_between_utility_and_prices\"><\/span>Positive divergence between utility and prices<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>A bullish divergence between Ethereum&#8217;s daily active addresses (DAA) and ETH&#8217;s price is also emerging, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/santimentfeed\/status\/1503947006925946884?s=20&amp;t=GRUGTWymd3VQ9Q9qlCp3mQ\">according<\/a> to data from analytics platform Santiment.<\/p>\n<p>Notably, Ethereum&#8217;s DAA fell but not as much as the prices, which dropped about 35% in the past four months. That indicated that users continued to interact with the Ethereum network for reasons beyond speculation and trading.<\/p>\n<p><strong><em>Related:\u00a0How professional Ethereum traders place bullish ETH price bets while limiting losses<\/em><\/strong><\/p>\n<p>ETH active addresses divergence remains in the area where prices historically rise,&#8221; noted Santiment, while citing the chart below.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-03\/5abaccd4-2dde-4486-a75f-1ba046a75641.jpeg\"><figcaption style=\"text-align: center;\"><em>Ethereum DAA-price divergence. Source: Santiment<\/em><\/figcaption><\/figure>\n<p>&#8220;This is a vote of confidence in Ethereum and a statement that it&#8217;s here to stay (and grow),&#8221; said\u00a0Michael Pearl, COO of d<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a> developer Kirobo, adding that its growth in the DeFi space would boost ETH&#8217;s price even beyond $3,000.<\/p>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. 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ETH price paints &#8220;symmetrical triangle&#8221; The first interim bullish outlook for Ether ironically comes from a bearish continuation pattern&#8230;<\/p>\n","protected":false},"author":1,"featured_media":416958,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDMvZGQwNjE2MGMtZGFmMS00OGM0LWJjZDEtODI3ZWMyM2M4NGUwLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[81262,82402,74891,75326,74938,74939,74876,75578,75434,73711,73785,71407],"class_list":["post-416957","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-cryptomarket","tag-ether-price","tag-ethereum","tag-ethereum-2-0","tag-ethereum-price","tag-market-analysis","tag-proof-of-stake","tag-proof-of-work","tag-smart-contracts","tag-investments","tag-markets","tag-trading"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/416957","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=416957"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/416957\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/416958"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=416957"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=416957"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=416957"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}