After a three-week rise and a jump above $3,500, the price of Ethereum bounced back again and gradually declined from last Thursday, reaching a weekly low near the $3,143 mark. And early today,
ETH started to drop again and is trading around $3,135 with a decreasing rate of -3.70%.
According to Bloomberg Intelligence analysts, the real price of Ethereum at the moment should be $6,000, which is 80% higher than the market average. And a Bloomberg report predicts that fees will grow by 30% in 2022 to reach $12.7 billion. A 30% annual growth is forecast within three years. Analysts concluded that using three different discounted cash flow models, the value of Ethereum could be $6.1K, $5.5K, and $9.3K, or $6.9K on average.
As for the forecast for the coming week, Ethereum started a fresh decline after it faced rejection near $3,300.
Ethereum attempted an upside correction above the $3,220 level. ETH even moved above the $3,250 level, but the bears appeared near the $3,300 level.
On the daily price chart, we can see that ETH price has broken below 20-day moving average. MACD forms a death cross and trends to south. The signal line of the RSI indicator is moving down and declines below the neutral zone.
The next major support is near the $3,120 level. If there is a downside break below the $3,120 support, the price could resume its decline. In the stated case, the price may even decline to $3,000.