The “Rainbow chart” for Ethereum shows that the price of ETH has reached a new low point.
While the cryptocurrency market continues to trade in the red, crypto traders and investors are turning to a variety of sources that may offer them some sense of what lies ahead for Ethereum (ETH), which is the cryptocurrency’s most important asset, in the future. These sources may offer them some sense of what lies ahead for Ethereum while the cryptocurrency market continues to trade in the red. And how long do you think it will continue?
Ethereum Rainbow price chart,
They may want to have a look at the Ethereum Rainbow price chart, which was created by Über Holger and is posted on Blockchaincenter. This chart was one of the resources that they might consult. This chart provides a visual representation of the past performance of the decentralized finance (DeFi) asset in an attempt to shed light on how the asset is likely to behave in the future.
In terms of projections for the not-too-distant future, the chart pegs the price of Ethereum in the violet zone at $1,288 on September 29, 2022. This is according to the estimates. This pricing is in line with what is known as a “Fire Sale,” which is the practice of selling an item at prices that are far lower than what the item is currently valued on the market.
On the other hand, the end-of-year prognosis for Ethereum’s most optimistic scenario, which is referred to as ‘Maximum Bubble Territory’ and is denoted by the colour pink, suggests that the price of Ethereum may reach $28,527 on January 1, 2023. This prediction is based on the end-of-year prognosis for Bitcoin’s most optimistic scenario, which is referred to as’ Minimum Bubble Territory’ and is denoted by the colour
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Source: Metaverse News