ETH Could Break The $7,000 Mark As Per Market Prediction. See How

ETH has been in the slump for a while now. Trump’s decision to impose new tariffs on China, Canada, and Mexico has left the business and trading community in fear. As a result, there was a major liquidation event following the whole fiasco. This led to major price drops in tokens all across the ecosystem. One such token was ETH. The slump hit the coin hard, and the overall price of the coin fell to $2,120.  

This sharp dip has made people scared of the current market situation. However, a bleak glimmer of hope did come the investor’s way as ETH slowly recovered. After the sand settled, ETH again showed momentum. Currently, ETH is trading at the $2,650 mark and is supposedly going to break the $2,880 resistance level. In fact, the token has already surpassed the 50% Fibonacci retracement level. Therefore, it signals a potential move towards a higher resistance level. 

Currently, ETH’s SMA or Simple Moving Average is $2,850 and moving upwards. However, to fully grow, the coin needs to have two major resistance points. One at $2,880 and the primary hurdle at 61.8% Fibonacci retractment. If the token manages to break the $2,920 barrier, it could easily break the $3,000 resistance. In that case, the coin would be moving towards the $3,120 level.  

ETH Demand Surge 

ETH could be a great investment area since the token prices have stabilized and are showing upward movement. Moreover, organizations like Grayscale, Fidelity, and BlackRock have recently acquired around $100 million. This has really helped build investors’ confidence.  

Meanwhile, the Grayscale ETH Trust fund dumped close to $40.29 million. This dump has resulted in a total net inflow of $67.77 million. Even though the total corpus of assets for ETH is around $11.79 billion, the sudden outflow of $4.70 million has really created mixed sentiments amongst investors.