ETH Price Outlook: Factors Influencing Ethereum's Path to $5,000

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The Ethereum ETH started 2023, with a bull run. Since Jan. 2023, ETH reclaimed its bullish trend and has been trading above the support market price of $1075.00.

Although it still has a long way to go to reach its former price level of $4000, it once recorded an all-time high of $48,68.80 in 2021.

For over 1 week, ETH has been trading above the $1,653.17 price level and below $1950.00. Today, June 28, 2023, ETH is trading at $1863.80 as of the time of writing.

Note, the market price of a cryptocurrency is affected by multiple factors, which include investors’ sentiments, laws of demand and supply, crypto ecosystem developments, news on macroeconomic activities, and crypto regulatory measures.

Recently, the Bitcoin spot ETF that caused Bitcoin rally and the U.S. Securities and Exchange Commission’s lawsuits on exchanges might have affected the price behavior of the ETH market.

ETH Market Price Behavior Early June till SEC’s Legal Actions

Note SEC sued Binance and Coinbase on June 5 and June 6, 2023. The commission alleged the two exchanges violated the U.S. laws on securities as they sold unregistered securities, carried out clearing functions, and worked as brokers without registering with SEC.

Since the beginning of June 2023, ETH has been trading in a bearish trend; as of June 1, 2023, it closed at $1,862.20. The control of the ETH market price was later switched to the bulls as they pushed the coin price, making it to close at $1,907.26 on June 2, 2023.

The bulls later lost control of the market to the bears, as ETH closed at $1,892.41 and $1,890.51 on June 3 and June 4, 2023, respectively.

On June 5, 2023, the ETH market price further plummeted sharply; it closed at $1,811.83 as the news of SEC’s legal action against Binance was announced.

However, the bulls tried recovering their loss after the impact of the news and pushed the price to close at $1,884.49 on June 6, 2023.

Sadly, that same day, June 6, 2023, SEC also announced that it sued Coinbase. This caused investors to withdraw their funds to escape further losses and made ETH close at $1,832.40 on June 7, 2023.

Since June 10, 2023, the bears took absolute control of the market as the ETH market price dropped further, closing at $1,752.38.

From June 11 to June 13, 2023, ETH traded within $1,741.11 and $1,761.96 price levels, and as of June 14, 2023, it dropped again as it closed at $1,650.52.

ETH Market Price Behavior Due to Bitcoin Spot ETF

Note Bitcoin tremendously surged in market price following some related activities. The asset rose from the $26842 price level and closed at $28315 on June 20, 2023.

This happened following the news on Bitcoin spot ETF fillings. BlackRock applied for Bitcoin spot ETF and later, Fidelity Investments noted it is also preparing to acquire a license for Bitcoin spot ETF.

Following the interest in Bitcoin spot ETF by large-scale investment companies, the bulls pushed the ETH market price to close at $1,727.20, $1,720.58, $1,737.66, and $1,792.12 on June 17, June 18, June 19, and June 20, 2023, respectively.

Again, as the news on Bitcoin spot ETF spread, ETH gained significantly in price, closing at $1,891.01 on June 21, 2023, against its price of $1,792.12 on June 20, 2023.

Since then, the bulls have maintained this bullish trend recovery, causing ETH to fluctuate between $1,872.94 and $1,932.53 price levels.

It recorded its highest market price from June 1 to today, June 28, at $1,932.53 on June 23, 2023. As of today, it is currently trading at $1,863.80 as of the time of writing.

ETH Might Reach $1900 Price Level in Its Short Term

The ETH market behavior based on the indicators on its TradingView daily chart indicates that ETH could maintain its bullish trend.

ETH is currently trading above its 50-Day 200-Day Simple Moving Average SMA, depicting that the asset could sustain its bullish momentum and reach the price level of $1900 in the short term.

Again, EHT has its Moving Average Convergence/Divergence (MACD) above the signal line. This indicates that the bulls are still resisting selling pressures in the market, thereby validating the signal from its SMA.

But for now, the ETH Relative Strength Index (RSI) is at 54.51, pointing down towards the oversold zone (30).

This indicates increased sell pressure in the market, consolidating the presence of the last red candle stick in the chart.

Many investors and analysts are questioning the reality of Ethereum reaching $5,000 in the short term.

Although many investors are hopeful, this $5,000 Ethereum price could happen later in the future.

Experts ETH Price Predictions

According to Forbes, the ETH market price 2023 is expected to be within the price range of $1,800 to $1,900, and the lowest price is around $1,600.

By 2025, it also predicted the market price of ETH to have minimum and maximum prices of $ 4,500 and $6,500, respectively.

By 2030, Forbes further predicted that the minimum and maximum ETH market prices will be around $14,000 and $20,500 respectively.

Finder predicted that the ETH market price for 2023 to have minimum and maximum market prices of $2,342 and $2,758, respectively.

Furthermore, Finder predicted by 2025 and 2030, the ETH market prices will be around $5,491 and $14,814, respectively.

According to Gov Capital, the ETH market price is predicted to reach $2,587.61 in 2023, and by 2024, it would rise to $5,033.84. By 2025, Gov Capital predicted the ETH market price to hit $7,301.05.

According to DigitalCoinPrice, the ETH market price is predicted to be at an average price of $4,500.84 and $5,118.69 by 2023 and 2024, respectively.

DigitalCoinPrice also predicted that by 2025, the ETH market price will be around $6,829.87, and by 2030, the Market price will be around $21,611.85.

According to PricePrediction, the ETH market price is predicted to be around $2,851.56, $4,224.26, $6,442.41, and $41,716.25 by 2023, 2024, 2025, and 2030 respectively.

Factors Affecting ETH Market Price Behavior

The Influence of Bitcoin as It Declines in Market Price

Bitcoin (BTC) is the mother of all cryptocurrencies. As such, the price of other coins (altcoins) is frequently influenced by the BTC market behavior. When BTC goes up in price, altcoins also gain in price, and whenever BTC drops, altcoins will also follow suit.

Sometimes, the potential of a crypto project could affect investors’ sentiment making its market behave differently from the BTC’s market behavior.

Recently, ETH is likely affected by the drop BTC is facing today, June 28, 2023. The number one crypto has dropped to $30,184 as of the time of writing. It lost more than $300 from its closed price of $30,696 yesterday, June 27, 2023.

Investors’ Sentiment and Sell Pressure

The Ethereum market price is dropping due to negative market sentiments following the BTC decline in price.

This has caused significant sell pressure on the ETH market. Binance Feed revealed that Onchain data showed many investors pulled out from the ETH market.

Ethereum Dependence on Infura Technology

The Ethereum market behavior could also be linked to its involvement with Infura technology. Note, Infura is a hosted node cluster of Ethereum on Amazon Web Services (AWS).

When AWS experienced an outage, it affected some of the Ethereum apps running on Infura, and this caused disruptions in operations and transactions.

This incident created security concerns for ETH’s investors and could have led to most of them pulling out of the Ethereum network.

Chimpzee and Its Presale Performance

Chimpzee is a green crypto project aiming to protect the human planet from deforestation and adverse climatic change. It further looks forward to saving animals.

The project team decided to adopt Web3 technology and some other strategies to make sure its dream becomes a reality.

It created an ecosystem and introduced a system through which participants can earn income as a means to encourage them as they participate in climate and animal-saving activities.

Interestingly, the project provides 3 ways to earn income: Chimpzee Shop, NFT Marketplace, and Zero Tolerance Game. The Chimpzee Shop allows participants to carry out shopping activities within its ecosystem and earn its token of utility, CHMPZ.

Its NFT Marketplace allows individuals to receive a portion of the platform’s trading fees in CHMPZ. Again, the Zero Tolerance Game is the section of the platform where game lovers in the ecosystem play game and receive CHMPZ tokens.

Chimpzee Presale Performance

Chimpzee presale has raised over $230,000 at the selling price of $0.0005. The token is expected to rise to $0.0007 soon and will be listed on exchanges at $0.00185.

Notably, as of today, June 28, 2023, the presale has entered stage 6 and has raised $639,294 as of the time of writing. The project’s presale will end in 9 days or earlier when it reaches its benchmark presale fund target of $1,100,000.

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