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Ethereum ‘Rainbow Chart’ Shows A New Bottom For ETH
While the cryptocurrency market is still trading in the red, crypto traders and investors are looking to various sources that might give them some idea of what awaits its major asset Ethereum (ETH), in the future.
Harshvardhan
9:38 5th Oct, 2022
Altcoins

One of the places they might turn to is Blockchaincenter’s Ethereum Rainbow price chart, created by Über Holger, which shows the decentralized finance (DeFi) asset’s past performance to try and provide insight into its behavior ahead.

As far as short-term predictions go, the chart indicates $1,288 as Ethereum’s bottom (‘Fire Sale’ or selling on heavily discounted prices, well below the asset’s market value) in its violet band for September 29, 2022.

At the same time, the end-of-the-year forecast for its most bullish scenario (‘Maximum Bubble Territory’), marked by pink color, indicates that Ethereum could witness reaching $28,527 on January 1, 2023.

Source: Blockchaincenter

As for the short-term ‘Accumulate’ scenario, the chart predicts Ethereum to stand at $2,568 on September 27, 2022, while the end-of-the-year ‘Accumulate’ zone suggests around $3,044 for January 1, 2023.

That said, these predictions need to be taken with a grain of salt. According to the chart’s creator, “Rainbow Charts can’t predict the price of cryptocurrencies.”

Source



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