Ethereum (ETH) has had a challenging time recovering in the bear market of 2022, with multiple unsuccessful attempts to reach highs above $2,000 since its decline to $879 in June. However, the current bullish green candle may indicate that Ethereum is finding support from a triangle pattern as outlined in Wednesday’s article.
Ethereum is currently being traded at $1,197 as investors consider which cryptocurrencies to include in their portfolios for 2023. A break above the 50-day Exponential Moving Average (EMA) at $1,255 could potentially attract more buyers to the market.
For now, Ethereum’s price must prove to investors that it can hold above immediate resistance at $1,200 and keep off declines to $1,100 and $1,000. Analysts seem to be having conflicting predictions for 2023, with some forecasting a sideways trend and the most bullish hoping to see the Ethereum price above $4,000 by the end of 2023.
Ethereum Price Prediction: $10,000 ETH Incoming?
Ethereum is a renowned blockchain platform that has revolutionized the cryptocurrency space, with the introduction of smart contracts in 2015.
The second-largest cryptocurrency’s utility continues to grow exponentially, especially with the transition to a proof-of-stake (PoS) consensus mechanism. According to the author of Cryptocurrency Investing For Dummies, Kiana Danial, Ethereum’s value could be attributed to the problems it solves.
“Ethereum is valuable because of the problem that it solves, because of the size of its platform, and the number of people who use it to create their own apps.”
It is difficult to visualize how vast the Ethereum ecosystem is until you learn that the blockchain platform holds over 44 million smart contracts.
About 22 million contracts have been destroyed over the years to preserve gas. However, with Ethereum becoming a PoS platform, gas would be a non-issue in the future.
The highly anticipated Shanghai upgrade in Q1 2023 will introduce mechanisms to bring down gas fees and support scaling through the sharding technology.
Over a million smart contracts have been deployed toward the sale of NFTs. ERC-20 contracts were not tallied together with the 44 million contracts due to their many variances, but there are about 400,000 of them.
Ethereum reached more than 202 million unique addresses this week, according to Etherscan. Transactions on the blockchain often average around 1.2 million per day, with occasional spikes.
The stats above show how valuable the Ethereum platform is and affirm the potential for a spike to $10,000. It is without a doubt that ETH’s position in the cryptocurrency market is unmatched.
In 2021, Goldman Sachs, a leading investment bank in the United States, predicted Ethereum could overtake Bitcoin (BTC) to become the world’s most dominant cryptocurrency in the coming years.
Ether “currently looks like the cryptocurrency with the highest real use potential as Ethereum, the platform on which it is the native digital currency, is the most popular development platform for smart contract applications,” Goldman Sachs said at the time.
According to the bank, Bitcoin has the brand and recognition, but lacks when it comes to real use cases that make Ether tick. Moreover, the slow transaction speeds Bitcoin is known for could make it less competitive in the future.
What Would Take Ethereum Price to Hit $10,000?
Ethereum price faces a steep hill that must be climbed to free itself from dominant bear shackles since the 2021 bull market. A move to $10,000 in 12 months seems to be next to impossible, but then, anything is possible in the cryptocurrency industry.
At the moment, Ethereum price looks forward to lifting above $1,200 and subsequently, the 50-day EMA. Besides, Ether is down more than 75% from its all-time high of $4,878 in November 2021. In other words, a 700% bullish move would be required to propel Ethereum to $10,000.
If you noticed the careful choice of words, next to impossible is not impossible. Remember, ETH has in the past, posted gains a lot more than 700%. In 2017, Ethereum price exploded by more than 9,300%, while in 2016 the token delivered 784% in gains.
The current macro conditions coupled with the dynamics of the crypto environment are nothing similar to those in 2021 and definitely in 2017. However, lets consider the possibility of Ethereum price rising against all odds to touch $10,000 for the first time.
First, investor confidence must be restored following the collapse of Sam Bankman-Fried’s FTX exchange. As the influx of funds into cryptocurrencies and their related products increase, we could begin to see sustainable uptrends not only for Ether, but in other crypto assets.
The United States will need to avoid an economic recession at best in 2023 to contribute to the return of investor confidence. Since this won’t be enough, perhaps not even a close shot, the US must control inflation going into the New Year.
Stakeholders in the cryptocurrency market will need to do their part by encouraging growth to build an environment where Ethereum price can spike. The Shanghai upgrade in Q1 2023 may be the beginning of a trend reversal, now that investors will for the first time access the staked ETH.
The next big step for Ethereum will be the transition to sharding, which developers hope will drastically improve the network’s scalability and capacity. Sharding will also make Ethereum more competitive, with a massive slash in transaction fees.
Key Takeaways
Promising Altcoins to Consider for 2023
Crypto markets are in a downtrend, but new altcoins with promising outlooks and presale early bird access may help investors recoup losses from the crypto winter. Here are some coins with huge potential in 2023.
FightOut (FGHT) – Presale Launches
FightOut, a brand-new move-to-earn (M2E) fitness application and gym chain that seeks to bring the fitness lifestyle into web3, has opened its pre-sale and investors think the project could transform the existing web3 M2E landscape.
While existing M2E applications such as STEPN only track steps and require expensive non-fungible token (NFT) buy-ins to take part, FightOut takes a more holistic approach to tracking and rewarding its users for their exercise and activity, and doesn’t require any expensive buy-ins to take part.
FightOut’s FGHT tokens are currently selling for 60.06 per 1 USDT, and interested investors are encouraged to move fast to secure their tokens, with the pre-sale having already raised nearly $2.45 million in just a few days. FGHT is the token that will power the FightOut crypto ecosystem.
Visit FightOut Now
Dash 2 Trade (D2T) – Presale Enters Final Stage
Those interested in investing in a promising crypto trading platform start-up should look no further than Dash 2 Trade. The up-and-coming analytics and social trading platform hopes to take the crypto trading space by storm with its host of unique features.
These include trading signals, social sentiment and on-chain indicators, a pre-sale token scoring system, a token listing alert system and a strategy back-testing tool. Dash 2 Trade’s ecosystem will be powered by the D2T token, which users will need to buy and hold in order to access the platform’s features.
Dash 2 Trade is currently conducting a token pre-sale at highly discounted rates and sales recently surpassed $11.2 million. The pre-sale dashboard is going to be released soon, with the development team currently running ahead of schedule. Tokens are currently selling for $0.0533 each and will be listed on multiple centralized exchanges in under one month.
Visit Dash 2 Trade here
C+Charge (CCHG)
The current electric vehicle (EV) charging system is inadequate maid issues such as lack of standardization. On the other hand, the carbon credits industry, which is projected to be worth $2.44 trillion by 2027 is dominated by big corporations like Tesla, locking out individuals who drive EVs.
However, C+Charge hopes to drastically change the narrative by building a blockchain-based Peer-to-Peer (P2P) payment system for EV charging stations that will allow the drivers of electric vehicles (EVs) to earn carbon credits.
Users on C+Charge will be able to pay to charge their vehicles with CCHG, the token powering the ecosystem and earn carbon credits – stored in an app. C+Charge presale launched recently with $37k raised so far. Investors can buy 1 CCHG for 0.013 USDT, but the price will soon shoot to $0.0165 USDT.
Visit C+Charge Now.
Related Articles
Credit: Source link
