The crypto market has experienced massive transformations in the past couple of months. Weak global economic and financial conditions led by heightened inflation and interest rate hikes have triggered investors to sell off riskier assets like stocks and cryptos. With the continued declination in the value of the crypto market, investors continue to speculate as to when the prices of cryptocurrencies will rise. Experts anticipate that the condition of the crypto market will definitely improve in the coming months, whereas, others feel that investor sentiments will continue to remain uncertain as long as the digital assets fail to regain their individual price resistance. Ethereum, being one of the stronger cryptocurrencies in the market, continued to attract the attention of bulls and investors. All recent surveys and analyses reveal that the Ethereum price fell as soon as Bitcoin dipped to its all-time lows. And as BTC found it difficult to regain back its lost status in the market, so did Ethereum. At the time of writing this article, the Ethereum price is revolving around the US$1,100 mark. Nevertheless, the Bitcoin bull Michael Saylor is convinced that Ethereum continues to remain a robust investment asset and has the potential to become the largest cryptocurrency in the world.
Based on reports, Ethereum was trading within the 'ascending triangle' pattern, which scared investors as the crypto was predicted and still has the chance to drop down to the US$900 resistance. Even announcements of the Merge upgrade failed to create excitement and anticipation in the crypto market. The volatility of the crypto market disabled the crypto from establishing the upgrade's foothold and enhancing its prices. But ETH buyers are probably not worried about it anymore since Michael Saylor's comments might help instigate some hope amid Ether investors.
In a recent interview with Altcoin Daily, Saylor was asked about his opinions about Bitcoin and Ethereum, where he seemed to suggest that only Ether seemed to have changed over the years. He continued to assert that the constant need for software upgrades on the ETH network has eventually turned it into a form of security. According to him, digital assets can serve as a commodity if they are backed by an entirely decentralized protocol where no third parties will have the capability to change it.
Over the years, since the launch of the ETH token, the crypto has exponentially become much popular as compared to the other cryptocurrencies. One of the primary reasons why ETH has quickly gained momentum in price action is its liquidity. Besides, the volatility in the Ethereum marketplace sometimes actually indicates positive opportunities for smart investors who continue to identify the patterns and generate profits from their investments. Probably, due to these reasons, the Ethereum price struggled, but at least managed to stay afloat amid the chaos, more than Bitcoin could.
While things are looking up for the Ethereum token right now, investors are still quite speculative about its prospects. If Ethereum successfully fulfills its goal to attain resistance around US$1,500, then it might be quite easy for the crypto to embark on a bullish price rally. An uptrend price momentum in Ethereum might also trigger more investors to join the market and enhance the overall condition of the broader cryptocurrency market.
