Ethereum, the second-largest cryptocurrency by market capitalization, has been experiencing a resurgence in recent months. After a difficult year of declining prices, the crypto market as a whole is starting to rebound and Ethereum is leading the charge. How high can Ethereum go in February 2023? In this Ethereum prediction article, we analyze ETH prices from a technical perspective.
Can you still Mine Ethereum in 2023?
Ethereum transitioned to the proof-of-stake consensus algorithm following the merge. Since then, it is impossible to mine Ethereum. This was done to improve the Ethereum network’s efficiency and scalability while lowering its environmental effect. However, by holding and “staking” ETH on the Ethereum 2.0 network, users can earn incentives. In a PoS system, validators are selected based on the amount of cryptocurrency they have “staked” or locked up as collateral in order to validate transactions and create new blocks.
Ethereum Analysis January 2023: Why is ETH up?
Since June 2022, prices have been consolidating for a while, but it appears that they have now started to move higher again. Figure 1 below illustrates how the price of Ethereum breached the descending triangle pattern higher. This typically denotes the beginning of an uptrend.
On the other hand, the entire crypto market is looking strong, which confirms that Ethereum is up for an uptrend in the medium term.
Ethereum Prediction: Will Ethereum reach $2,000?
Ethereum increased by more than 40% during the month of January 2023. Consequently, ETH reached a current price of $1,680. For Ethereum to reach $2,000, it needs to perform during February by at least 20%, which is very possible. The month of February already started on a positive note, leaving room for adjustments throughout the month going forward.
Here are Ethereum’s targets for February 2023:
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