Ethereum has shown a notable price trend; in the past week, the price of ETH was higher. Previously its price fell slightly below the $12k mark. However, recently the price of the token has increased.
Crypto analysts believe that if ETH bulls fail to give currency the much-needed momentum above the $12k mark, then chances are high that ETH will stick at its currency price. This means the price of ETH will need more than the $12k mark by the mid of 2023.
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But the past 24 hours’ outcomes regarding ETH are very positive. The price of the crypto token has shown a rise of 23%. This has pushed the ETH’s overall market cap by $4.5 for the 24 hours.
But the overall market supply of the token is at $146 billion which shows the slightest slip by 2%.
Where ETH is heading in 2023?
Most cryptocurrencies are highly volatile, but some crypto experts have tried to predict the future of ETH.
The financial year 2022 is a year to forget for ETH. The price of cryptocurrency declined by 70.4% this year. The current currency price shows a 75.5% slump from its all-time high.
Regardless of all these facts, market sentiments favor BTC and ETH.
A renowned crypto analyst of Coin Bureau, when talking about the future of ETH, said 2023 could be an exceptional year for all cryptocurrencies.
ETH’s Pending Shanghai Upgrade Can Be Decisive for Currency’s Price Hike
Officials of Ethereum have previously decided that they will launch the Shanghai upgrade in the first quarter of FY 2023.
This upgrade holds the power to drag ETH back in the bullish range, eventually leading to ETH’s price hike.
Coin Bureau’s Analyst Guy further argued that a couple of new altcoins would use Ethereum’s smart contracts protocol. When billions of upcoming crypto coins are using the Ethereum blockchain, ETH and the Ethereum platform adoption will grow.
When multiple upcoming launches see increasing trust in Ethereum’s platform, the buying pressure on investors will rise.
Significant buying pressure on ETH means high trade and increased market capitalization.
Guy added that ETH is perfectly positioned to go upward or downward. However, chances are prominent that ETH might go bullish.
Regardless of all the troubles, 2023 will be easier than 2022 was. In the short term, the market might see some selling pressure. But in the longer period, ETH is bound to go bullish.
He stretched his argument and said that the future of ETH looks bright. If the Shanghai upgrade goes on without hassles, then 2023 can be a monumental year for Ethereum and ETH.
He said all these rumors that ETH can go five figures in 2023 are misleading. He said that 2023 is the year where sideways trends will dominate the market.
Another famous crypto analyst said that if ETH wants to experience a bullish hike, it must retain its current price at $1.06. If its price declines, the currency will go down to $843.
Since the start of this year, ETH has been treading in red. The dominance of red has even forced the price of ETH to plunge below $1325.
This strong red zone has also blocked the price of ETH from rising until now. From here, if ETH loses support at $1062, it will surely go to the bottom.
In 2023 the currency needs to break through the multiple levels of resistance to see a positive trend.
The first resistance level is expected at $1,329, and the next is at $1,588.
If currency crosses these levels, ETH’s next stop is at the $2k mark. Going beyond the ultimate $1588 mark will help ETH to remain bullish for the entire of 2023.
Apart from ETH, other Altcoins are also expected to go above in 2023. Finally, 2023 might be the year when altcoins will perform big in the market