After several weeks of gloom, today’s rebound in the middle of the week has helped the price of Ethereum reach a high of $1,215. This current price movement coincides with Bitcoin gaining further ground, regaining support at $16,000, and moving toward $17,000.
The second-largest cryptocurrency appears to have entered into a new uptrend that might push it to $2,000 in the upcoming days or weeks.
Today’s Ethereum Price
| DATE | ETC | USD |
|---|---|---|
| Today | 01 |
$1,214.70
|
Ethereum Price Prediction
In the last day, the price of Ethereum increased by 3.5% to $1,215 while the overall price of cryptocurrencies increased by 2%.
The spike came as a result of remarks made by Charles Hoskinson, a co-founder of Ethereum and Cardano, who recently predicted that Elon Musk’s takeover of Twitter will lead to considerable cryptocurrency adoption. Its current level also reflects a 9% increase in the previous seven days.
At the Web Summit 2022 conference, Hoskinson specifically projected that the cryptocurrency ecosystem would gain 200 million new users as a result of Musk’s takeover of Twitter.
Therefore, Ethereum and its native token are perhaps best positioned to profit from such an increase in adoption since it continues to be the largest layer-one blockchain in terms of value locked in.
After a significant drop earlier in the month, the Ethereum chart indicates that it is starting to swing upwards once more. Indicating growing momentum that might continue, its relative strength index (purple) is on track to hit 50, assuming no repercussions or contagion events related to FTX’s demise.
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