ETH Price Prediction: ETH Maintains a Strong Support Level at $1800. Can it Still Achieve Higher Highs?

Updated: 24 March 2023

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Ethereum’s price is exhibiting a highly optimistic indication, as it has successfully surpassed a few significant resistance levels to the upside. Assuming that the breakout is legitimate, the outlook for the cryptocurrency market could be substantially brighter in the upcoming months.

Recently, Vitalik Buterin, co-founder of Ethereum, issued an official statement to clarify that Ether, the cryptocurrency of the Ethereum network, is not a security.

In his statement, Vitalik Buterin addressed concerns that have been raised about whether Ether should be considered a security, particularly in the context of the ongoing legal battle between the SEC and Ripple. He emphasized that Ether is fundamentally different from securities, as it does not represent ownership in a company and does not entitle holders to any share of profits or governance rights.

Ethereum co-founder Vitalik Buterin has issued an official statement clarifying that ether, the cryptocurrency of the Ethereum network, is not a security.

— WhaleFUD (@WhaleFUD) March 23, 2023

Buterin also pointed out that the value of Ether is not solely determined by the efforts of the Ethereum Foundation or any other centralized entity but rather by the collective efforts of the network’s users and developers. He highlighted the importance of decentralization and emphasized that the Ethereum network is designed to operate without any centralized control or authority.

ETH Market Price Analysis

Ethereum’s all-time high price was recorded on November 10, 2021, when it reached $4,878.26, representing a decrease of 62.77% from the current market price. In contrast, the all-time low for Ethereum was recorded on October 20, 2015, when it was priced at $0.432979, showing a substantial increase of 419,318.11% from the current market price.

At the time of writing, the price of Ethereum (ETH) is $1,817.05, with a 24-hour trading volume of $11,134,997,818. This indicates a price increase of 3.96% over the last 24 hours and 8.17% over the past 7 days. Ethereum’s market capitalization is $218,868,430,116, based on a circulating supply of 120 million ETH.

Over the last 7 days, Ethereum (ETH) has demonstrated better performance than the global cryptocurrency market, with an 8.10% price increase, while the market as a whole has increased by 1.00%. Consequently, the community is showing a bullish sentiment towards Ethereum (ETH), with over 76% of users feeling optimistic about its prospects.

Previous ETH Price Analysis

Ethereum chart analysis. Source: Tradingview.com — Ethereum chart analysis on 21/03/23. Source: Tradingview.com.

In the previous analysis, the price of ETH displayed an upward trend, with resistance impeding its intended movement. After remaining stable at the support level of $1150, the bulls pushed the price towards the resistance level, followed by a brief consolidation period before a bearish reversal occurred. The formation of a double-top pattern had signaled an impending price drop. Still, the bearish move was halted by a bullish pin bar that had formed at the bottom of the short reversal, creating a psychological support level and a higher low.

ETH Price Prediction ETH/USD Daily Chart Analysis

ETH/USD Chart Analysis. Source: Tradingview.com 24/03/2023 — ETH/USD Chart Analysis on 24/03/2023. Source: Tradingview.com.

The Ethereum price has been surging on the daily chart, following a significant bounce-back from the $1400 level, the 200-day moving average. It has surpassed the $1600 level, the 50-day moving average, and has broken the upper boundary of a large symmetrical triangle pattern.

At present, the crucial resistance level of $1800 is being tested. If this breakout holds, the price could aim for values above $2000, explicitly targeting the $2300 level in the upcoming weeks. However, a correction towards either the 50-day or 200-day moving averages or the support area of $1300 could be anticipated if a false breakout occurs.

Furthermore, the relative strength index indicated a bullish trend, with a value of 61. Based on that analysis, the key levels to watch out for remain at $2054 and $2728, which serve as predictions for the future price movements of ETH.