Ethereum is the second largest cryptocurrency in the world, which is easily accessible and can be transferred worldwide. It has a wide range of use cases, so many investors prefer ETH as a long-term asset, but after the merge upgrade, it was in a downtrend. Still, many investors are accumulating the ETH coins for the long term because it has become more sustainable and eco-friendly than other cryptocurrencies and competitors.
The world of crypto has been going through an uncertain phase. Most cryptocurrencies are down, while some of them have been stable this year. Do you want to buy ETH in your portfolio? There are a few reasons in your favor.
The best part is that Ethereum is a widely recognized cryptocurrency other than Bitcoin, which is also useful for trading, decentralized application, NFTs, and other traditional real-life use cases. With this blockchain technology, developers build industry-leading dApps, especially for banks and other financial institutions.
Traders, retail investors, big investors, and tech enthusiasts are heavily investing in Ethereum for its exponential growth in the future because decentralized finance applications are excelling in the market, and Ethereum will continue to soar because developers get excellent features in Ethereum that no other platforms offer.
At the time of writing this post, ETH was trading around $1288, which is around the support level that suggests sideways movement, but Ethereum may break this support soon and come to the level of $1000, which will be a great opportunity to buy for the long term. But when will that happen? Read our Future ETH forecast to know!
RSI is at 40, so technical indicators suggest bearish sentiment for the short term. The candlesticks are forming around $1300 in the last month, and Bollinger Bands lacks volatility that might change the momentum in this uncertain market.
On the weekly chart, candlesticks are forming lower lows around the baseline of the Bollinger Band, holding the support of $1200. Ethereum started a bull rally last year, but after forming an all-time high of $4891.7, it has been in a downtrend.
The long-term chart suggests $2000 is a strong resistance because ETH has formed a triangle pattern from the all-time high. It would be better to start accumulating ETH near support levels and invest for the long term when it decisively crosses the crucial resistance level.