After three consecutive days of losses earlier in the week, the general cryptocurrency markets stabilised at the conclusion of the week, with Ethereum (ETH) holding firm above $3,000.
Despite a rise in buying interest around the $3,200 level, which unfolded slightly above the psychological support zone of $3,000, ETH is witnessing persisting negative threats.
ETH Price Action
At the moment, the larger negative trend has settled into a trading range between a $3,581 yearly high and a $2,159 yearly low. and The moving averages (MA 50 & MA 200) represent the price’s long-term consolidation within these limits. The ETH/USD price has risen from an intraday low of $3,181 to a daily high of $3,253 at the time of analysis.
According to IntoTheBlock’s analytics, Ether’s net issuance is falling. Since reaching a high of 3.48 percent on March 12, the seven-day average net issuance has been about 2.21 percent, according to the data provided.
According to the on-chain analytics firm, ETH hasn’t had a negative net issuance day since Jan. 10, although it touched a two-month low of 0.87 percent on March 5.
The key resistance levels ahead are $3,700, $3,500, and $3,285. The key support levels ahead are $3,200, $3,000, and $2,800.
Investor lists reasons why ETH will hit $10,000
Lark Davis, a crypto investor and content creator, recently tweeted that he believes the second largest digital currency, ETH, will surge to $10,000 per coin once Ethereum 2.0 is released.
Earlier this week, Mark Cuban, the owner of the Dallas Mavericks, had a similar sentiment; however, unlike Davis, the billionaire claimed he was “extremely positive” on Ethereum following the execution of the “Merge” – another name for Ethereum 2.0.
Even though it has not been verified, the upgrade is expected this summer. It will ensure that the Ethereum chain switches from Proof-of-Work to Proof-of-Stake consensus system, making it more environmentally friendly than Bitcoin and other PoW coins.
Because ETH miners will use 99 percent less energy and a lot fewer ETH tokens will be created, the circulating Ethereum supply is likely to decline.