Despite the ongoing crisis in the cryptocurrency market, the ETH price prediction remains bullish as the token managed to recover slightly on the day. This was witnessed after the world’s most valuable cryptocurrency, Bitcoin (BTC), managed to stay above $16,600 early Wednesday morning.
The global crypto market cap stood at $826.96 billion, registering a 24-hour gain of over 2%. Therefore, the upbeat crypto market was a key factor that helped the ETH prices stay bid. The current price of Ethereum is $1,268, with a 24-hour trading volume of $8 billion
In the previous 24 hours, Ethereum has gained 5.5%. Ethereum is now ranked second in the market, with a live market cap of $155 billion. It has a circulating supply of 122,373,866 ETH coins and no maximum supply.
On the negative node, the increase in COVID-19 cases in China has resulted in tight lockdown regulations in certain areas of the country. This sparked massive protests in China and may be to blame for a global stock market decline.
The number of Covid-19 transmissions in China continues to rise to above 30,000 cases per day. On Sunday (11/27), Beijing protesters held a peaceful demonstration for a third day over China’s strict anti-virus measures. #SEAToday #SEATodayNews #Covid19 #China pic.twitter.com/TZLefunDXr
— SEA Today News (@seatodaynews) November 28, 2022
In addition to the unrest in China, the Chapter 11 bankruptcy filing by BlockFi is exerting tremendous pressure on the cryptocurrency markets. Thereby, this negative news could cap further gains in the ETH coin.
5. ? VC firm Valar Ventures holds a 19% stake in BlockFi, according to the Chapter 11 #bankruptcy filing.
Valar Ventures is backed by billionaire PayPal co-founder Peter Thiel. pic.twitter.com/DIj5t4tDQP
— The Chainsaw (@chainsawdotcom) November 29, 2022
BlockFi Files for Bankruptcy May Have An Impact on ETH Price Prediction
BlockFi, a company that lends out cryptocurrency, said Monday that it has filed for Chapter 11 bankruptcy protection because it lost money when the FTX exchange suddenly shut down earlier this month.
BlockFi files for Chapter 11 #bankruptcy protection and would seek to recover all obligations owed by its counterparties, including FTX.
— CryptoSlate (@CryptoSlate) November 28, 2022
BlockFi, a corporation with headquarters in New Jersey and founded by former finance executive turned cryptocurrency entrepreneur Zac Prince, filed for bankruptcy, saying that a liquidity issue was brought on by its substantial exposure to FTX. Therefore, this news could put a negative impact on cryptocurrencies.
Another factor that could put a negative impact on cryptocurrencies was reports suggesting that cryptocurrency crime in the UK surged by a third in a single year, affecting victims hundreds of millions of pounds.
— BSC DESK (@BSCDESKNEWS) October 21, 2022
However, Action Fraud received complaints of $273 million in cryptocurrency-related financial losses between October 2021 and September 2022, a 32% increase from the same period the year prior. 10,030 instances have been reported, which is a 16% increase.
ETH Price Prediction – $1300 Before December?
The ETH/USD pair on the 4-hour timeframe has broken above a symmetrical triangle pattern at $1,200, and the presence of closing candles outside of this triangle pattern suggests a possible strong upswing.
To the upside, the ETH/USD pair could extend its recent gains toward the $1,290/1,300 resistance zone, a break above which could open the door to the $1,340 resistance level. Ethereum’s immediate support can be found at $1,230 and at $1,200 if the price falls below these levels.
ETH Price Chart – Source: Tradingview
The 50-day moving average, Relative Strength Index, and Moving Average Convergence Divergence are all in buying territory, suggesting the bullish trend may continue. If you want to make a buy today, you should try to find above $1,235 to target $1,300.
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