Ethereum Price Prediction: Data Analysis Points to $4000 Breakout After 3% Increase
Despite a devastating fall over the weekend, Ethereum price levels are expected to soar, with a breakout seen to $4,000 as more buyers are drawn to the cryptocurrency.
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Ethereum might have borne the brunt of a castigating breakdown over the weekend, falling to a negative 14.3 percent premium. It is Ethereum's lowest since listing, as indicated by top crypto investment fund for the digital asset, Grayscale Ethereum Trust, per Coingape.com.
This was attributed to Tesla CEO Elon Musk's announcement of discontinuing Bitcoin as a payment option for purchasing his company's products, as well as the Colonial Pipeline ransomware attack that shut down the nation's largest fuel pipeline with hackers paid nearly $5 million in untraceable cryptocurrency. These developments pulled down both Ethereum and the world's top cryptocurrency, Bitcoin, to record lows.