The Ethereum price has been facing a steep uphill battle in its efforts to break free of the dominant downtrend that has persisted throughout 2022.
Many analysts believe that it is almost impossible for cryptocurrency to reach $10,000 in the next 12 months. However, it is important to remember that anything is possible in the world of cryptocurrencies.
Ethereum is currently trying to break above the $1,200 mark and the 50-day exponential moving average. It is worth noting that Ether is down more than 75% from its all-time high of $4,878 in November 2021, which means that it would need to see an upward move of around 700% to reach the $10,000 mark.
While this may seem unlikely, it is worth noting that Ethereum has experienced gains of over 700% multiple times in the past. For example, in the last cycle, Ethereum went from about $80 to $4,800.
Current macroeconomic conditions and cryptocurrency market dynamics are different from 2021 and 2017, so it is difficult to predict whether Ethereum will be able to rise against all odds and reach $10,000.
However, the next major upgrades to Ethereum have the potential to significantly improve the scalability and capacity of the network. If these improvements go well, then strong bullish momentum may return to ETH and see it reach $10,000 and beyond in the next few years.
