What are the recent price trends for Ethereum (ETH)?

Ethereum (ETH) is struggling to recover in this bear market, after several failed attempts to break above the $2,000 threshold since its fall to $879 in June. However, the current bullish green light could indicate that Ethereum may have found support in a triangle pattern.

Ethereum is currently trading around $1,197 as investors decide which cryptocurrencies to include in their portfolios for 2023. A break above the 50-day exponential moving average (EMA) of $1,255 could potentially attract more buyers into the market.

ETH/USD daily chart
Daily development of the price of ETH/USD

For now, the Ethereum price needs to stay above the immediate resistance at $1,200 and avoid falling back towards the $1,100-$1,000 threshold. Analysts’ predictions for 2023 seem contradictory: some predict a sideways movement and the most optimistic hope to see the price of Ethereum exceed $4,000 by the end of 2023.

Ethereum towards $10,000?

The blockchain platform revolutionized the crypto space with the introduction of smart contracts in 2015.

The utility of the second largest cryptocurrency continues to grow exponentially, especially after the transition to a proof-of-stake (PoS) consensus mechanism. The author of Cryptocurrency Investing for Dummies, Kiana Danielsaid:

“Ethereum is valuable because of the solutions it provides, the size of its platform and the number of people who use it to build their own applications.”

It’s hard to imagine how big the Ethereum ecosystem is until you learn that the blockchain platform has almost 44 million smart contracts.

The Shanghai upgrade, scheduled for Q1 2023, will introduce mechanisms to reduce gas taxes and support scaling through technology from cutting.

In addition, Ethereum reached over 200 million unique addresses this week, according to Etherscan.

The above statistics support the potential for an increase to $10,000. In fact, a Bloomberg analyst last week predicted that ETH would surpass BTC in 2023 due to its strong fundamentals.

Factors that could contribute to Ethereum price increase

The Ethereum price faced a dominant downtrend that continued throughout 2022.

Many analysts believe that it is almost impossible for the cryptocurrency to hit $10,000 within the next 12 months.

Currently, Ethereum is trying to climb above the $1,200 mark and the 50-day exponential moving average. It should be noted that ETH has fallen more than 75% since its all-time high of $4,878 in November 2021, meaning it should see a bullish move of around 700% to reach the $10,000 mark.

While this may seem unlikely, it should be noted that the cryptocurrency has seen gains of over 700% on several occasions in the past. For example, in the last bull cycle, ETH fell from around $80 to $4,800.

With current macroeconomic conditions and crypto market dynamics different from 2021 and 2017, it is difficult to predict whether Ethereum will be able to reach $10,000.

However, major upcoming upgrades have the potential to significantly improve network scalability and capacity. If their rollout goes as planned, strong bullish momentum could return for ETH and see it reach $10,000 in the coming years.

Key points to remember

  • Is Ethereum price able to reach $10,000 by the end of 2023? Yes. But that is unlikely.
  • The Shanghai upgrade in the first quarter of 2023 will have a positive impact on the price of ETH if all goes well.
  • Investors will have access to their ETH located in “strikefor the first time in the first quarter of 2023.
  • Ethereum developers will start working on sharding with the Shanghai upgrade.

Altcoins to consider for 2023

The downtrend continues in the crypto markets, but new altcoins offer promising prospects, and early access to their pre-sale could help investors recoup losses from the crypto winter. Here are some of these altcoins.

FightOut (FGHT): launch of the pre-sale

FightOut, a brand new move-to-earn (M2E) fitness app and fitness chain looking to bring the fitness lifestyle to the web3, has opened its pre-sale, and investors believe the project could transform the existing web3 M2E landscape.

While existing M2E apps, such as STEPN, require the purchase of expensive non-fungible tokens (NFTs) to participate, FightOut takes a more holistic approach to tracking and rewarding its users for their exercise and activity, requiring no expensive purchase.

FightOut FGHT tokens are currently selling at 60.06 for 1 USDT and interested investors are encouraged to buy early to secure their tokens as the pre-sale has already raised nearly $2.45 million in just a few days. FGHT is the token that will power the FightOut crypto ecosystem.

Dash 2 Trade (D2T): The pre-sale enters its final phase

Those looking to invest in a promising crypto trading platform should give Dash 2 Trade a closer look. This upcoming social trading and analytics platform could make a name for itself in the trading space thanks to its many unique features.

These include trading signals, social and on-chain sentiment indicators, pre-sale token rating system, token quote alert system and strategy back-testing tool. The Dash 2 Trade ecosystem will be powered by the D2T token, which users must purchase and hold to access platform functionality.

Dash 2 Trade is currently conducting a deeply discounted token presale that recently topped $11.2 million. The pre-sale dashboard will be released soon, with the development team currently ahead of schedule. The tokens are currently selling at $0.0533 each and will be listed on multiple centralized exchanges in less than a month.

C+Load (CCHG)

The current electric vehicle (EV) charging system is inadequate due to issues such as lack of standardization. On the other hand, the carbon credit industry, which is expected to be worth $2.44 trillion by 2027, is dominated by large companies like Tesla, which exclude people who drive electric cars.

However, C+Charge hopes to radically change the market by creating a blockchain-based Peer-to-Peer (P2P) payment system for EV charging stations that will allow electric vehicle (EV) drivers to earn credits.

C+Charge users will be able to pay to charge their vehicles with CCHG, the token that powers the ecosystem, and earn carbon credits – stored in an app. The C+Charge presale launched recently and has raised $37,000 so far. Investors can buy 1 CCHG for 0.013 USDT, but the price will soon reach 0.0165 USDT.

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