The Ethereum price has risen slightly in recent days, benefiting from the upswing in the Bitcoin price following the banking crisis. But what will become of ETH in 2023? What is the Ethereum 2023 price prediction?
How has the Ethereum price moved so far in 2023?
Ethereum 2023 Prediction: ETH/USD Weekly chart showing the price – GoCharting
So far, the year 2023 has been very successful for the Ethereum price. The price of ETH increased from USD 1,200 at the beginning of the year to USD 1,600 at the end of January. The rise had to level off in February.
March was a busier month back then. With the US banking crisis, the crypto market was hit hard and fast. The price of Ethereum has dropped below $1,400. However, the price was able to rise dramatically again in the following weeks. Ethereum has recently surpassed $1,800, following Bitcoin’s meteoric rise.
Why has ETH performed so well so far?
Overall, Ethereum benefited from the bullish sentiment in the cryptocurrency market. In the fourth quarter of 2022, the FTX crashed and most cryptocurrencies suffered significant losses. In retrospect, a rebound to the upside was thus to be expected as the crypto market’s uncertainty decreased.
Finally, Ethereum closely followed Bitcoin’s development. While Bitcoin performed better in the first few weeks, Ethereum briefly outperformed Bitcoin in February. However, during the previous bull run in March, bitcoin rushed away from ETH as many investors sought a haven for their money in bitcoin.
What is the Ethereum 2023 price prediction?
So far, 2023 has been a very successful year for Ethereum. On the technical front, the Shanghai update is on the way, which should improve Ethereum’s scalability even further. Furthermore, the Bitcoin price is expected to rise in the coming months. In this article, we will explain why Bitcoin’s price may soon reach $50,000.
Given these trends, it’s difficult to argue that the Ethereum price will rise dramatically in the coming weeks and months. As a result, we are assuming a positive Ethereum forecast for the end of 2023.
How high can the Ethereum price rise in our forecast for the end of 2023?
Finally, forecasting the crypto market is always difficult because the market can move in a variety of directions and is influenced by a variety of external factors. Still, we can draw parallels to the previous bear market. At the time, the Ethereum price was able to rise dramatically in the second year (2019). The ETH price quadrupled in size.
With Ethereum at $1,200, that would imply a move to $4,800. However, we saw losses again at the end of 2019. As a result, we should be a little more conservative in our Ethereum forecast this year, particularly at the end of the year. As a result, we expect Ethereum to be worth $2,500 to $3,200 by the end of 2023.
- Use Moving Averages: Moving averages can help you identify trend reversals and determine the direction of the market. You can use the 50-day and 200-day moving averages to identify the long-term trend of Ethereum.
- Study the Price Charts: Analyzing Ethereum’s price charts can give you an insight into the market sentiment and help you make informed decisions. Use candlestick charts, price patterns, and indicators like RSI, MACD, and Bollinger Bands to understand the price movements of Ethereum.
- Use Fibonacci retracement: Fibonacci retracement can help you identify potential support and resistance levels in Ethereum’s price. Use the Fibonacci retracement tool to identify levels at which Ethereum may experience a pullback or a price reversal.
- Look for Volume Patterns: Volume patterns can indicate the strength of a trend and help you identify potential entry and exit points. Higher trading volumes are often associated with strong trends and can indicate a bullish or bearish market sentiment.
- Set up Stop-loss orders: Setting up stop-loss orders can help you manage your risks and limit your losses. A stop-loss order is an automatic order to sell your Ethereum if the price falls below a certain level. Set your stop-loss orders based on your risk tolerance and trading strategy
Keep in mind that technical analysis is not perfect and can be influenced by a variety of factors including news events and market sentiment. To make informed trading decisions, technical analysis should be used in conjunction with fundamental analysis and other trading strategies.
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