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Ethereum price could soar to $ 5,000 this weekend



The price of Ethereum has been hovering in a tight range for the past few weeks as investors ponder the coin’s spectacular rally. Ether is currently trading at $ 4,290, which is slightly below its all-time high of $ 4,868. As a result of this decline, the total market capitalization has dropped to more than $ 500 billion.

Increasing competition

There are several reasons why the Ethereum price has been falling over the past few weeks. First, investors fear increasing competition. Lately, many “Ethereum killers” have aroused capital and interest among developers and investors.

Avalanche, for example, has become the 11th largest cryptocurrency in the world. Ethereum competitors such as Solana, Tron and Terra have also seen remarkable growth in recent months.

At the same time, Layer 2 blockchains such as Polygon have also grown. Hence, there is a concern that many developers will switch to these platforms.

Even if Ethereum has its weaknesses, it has a strong market share that will be difficult to displace. For example, Ethereum is used today for some of the biggest projects like Shiba Inu and Decentraland. It also dominates the DeFi industry.

The ETH blockchain has more than 300 DeFi projects that have a total blocked token (TVL) value of more than $ 173. The Binance Smart Chain, the second platform, has 177 DeFi platforms. The TVL value here is less than $ 20 billion.

In the meantime, Ethereum is also working on improving its platform. The developers have already introduced Burning and are at the advanced stage of the transition to Layer 2.

The Ethereum price also crashed for psychological reasons. For one, it fell as it neared the major resistance at $ 5,000. It was similar to the situation when Bitcoin approached the price of $ 70,000. Historically, we always see a pullback as it approaches an important level.

The daily chart shows that the Ethereum price has struggled to find a direction for the past few days. At the current level, Ethereum is slightly above the rising trend line shown in red.

The price is also oscillating around the moving averages of the 25- and 50-day lines, while the width of the Bollinger Bands has narrowed. Most importantly, Average True Range (ATR) has decreased - it's a good measure of volatility.

So I suspect that the ETH course will experience a calm before the storm. That means the coin is likely to maintain an uptrend, rising above $ 5,000 during or after this weekend celebrating Thanksgiving in the US.

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