By Mark Ackman
As per many analysts, there is a very high potential that the trading price of Ether (ETH) may experience a great rally.
There is currently a mix of fundamental and technical factors that are pointing towards a massive surge in Ether’s price.
ETH Expecting a 35% Rally
A look at the technical indicators and factors of ETH suggests that the trading price of digital assets may jump by 35%. To be more precise, the trading price ETH may experience a 35% rebound.
The value of ETH would eventually hit a higher level after facing a test at the key support level. Now, analysts expect that ETH’s price would move higher.
The trendline for ETH has now started to move in the upward direction. Since June 2022, a downside limit has been put in place that the bears have found difficult to breach and pull ETH lower.
While resisting the selling attempts of the bears, the bulls have made it clear that they would buy ETH at the level with great aggression.
This would help ETH in the long run and push its value to a higher level in the upcoming days.
ETH Price may Come Close to $1,800
According to the speculations, the trading price of ETH may rise to a high of $1,800 after experiencing a 35% surge. At this point, the trading price of ETH may experience excellent resistance from the bears’ end.
Another major factor that may help boost the trading price of ETH is the recent burning carried out for Ether.
The purpose behind the burning of ETH was to reduce the supply of digital assets. This way, the value of ETH may rise in the cryptocurrency market.
This way the competition may increase among the investors to accumulate as many ETH as possible. This would eventually help boost the trading price of ETH.
According to data, a total of 6,000 ETH have been burned in order to limit the supply for the second-largest digital asset.
The total number of ETH burned amounted to $7.9 million and the activity was initiated on October 8, 2022.
First-Ever Deflationary Move
This is the first time Ether has initiated a deflationary program. For the first time ever since ETH moved from PoW to PoS, more ETH is being burned than created.
The long-term analysis of ETH shows that the trading price of the digital asset may move to the bearish side.
Like Bitcoin, Ether is also living under the threat of Federal action with the interest rates. If the Feds continue increasing the interest rates, the value of the USD would continue to rise.
As the price of the USD rises, the value of the digital assets would lower.