Ethereum started trading below $3,000 just a few weeks ago after hitting a record high above $4,000. The broad crypto market correction especially crashed the best of ETH and other altcoins and even managed to drop Bitcoin.
Is Ethereum walking for $ 10K?
However, if past market cycles are to be seen as any indicator of future results, this collapse could be the first touch of a rising trend line that will send ETH to $ 10,000.
During the 2017 bull market, both Bitcoin and Ethereum rose as money flowed into the market. Much of this capital has moved towards ICOs for ETH that further fueled FOMO. Eventually, they also led to the collapse of the second-ranked cryptocurrency and the start of the Ethereum bear market.
Things are very different today. The most important altcoin in the market carries the rest of the market on its back. Of course, this leads to higher fees and slower transactions, but this is because DeFi has a huge share and NFTs have a very high share.
While these two technologies can both take the lead with Ethereum and the other with Blockchain, it’s hard to beat the first mover advantage. While the altcoin has crashed in price recently, the pullback was technical and fundamentals remain bullish.
This could cause the latest sale to be at the bottom, and after some return in an upward pattern, there could be a breakout for ETH to $ 10,000.