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ETH Price Prediction: ETH Slumps Continue Amid the Crypto Market Downtrend

ETH price prediction
ETH price prediction

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Ethereum (ETH) struggled throughout the majority of 2022 and ended the year with a price of $1,199.11. The leading smart contract network’s stunted expansion was mostly due to the arduous transition from proof-of-work (PoW) to proof-of-stake (PoS).

However, the decentralized public blockchain continued to significantly influence the ecosystems of non-fungible tokens (NFTs), decentralized finance (DeFi), and even the metaverse.

Ethereum appears to be having an incredible 2023, kicking off with a price of $1,568.65. Nonetheless, the blockchain smart contract platform native coin, ETH, saw a downtrend of 0.43% in the past day. Could the digital asset rebound soon as the broader crypto market recovers?

ETH Price Could Rebound to New Price Limit

At press time, the ETH network token is trading at $1,563.04, following a 0.43% downtrend in the last 24 hours. The crypto asset decline in price has been running for a while, with a 4.6% drop in the last seven days and 41.3% in the last year.

These slumps in prices have negatively impacted the technicals of the digital asset, which shows a bearish trend. Its 50-day simple moving average (SMA) indicator is at $1508.18, and its 200-day SMA for long-term prediction is $1770.14, which is significantly above its current price action.

ETH price prediction 6/3/23

The ETH rally was met with resistance at the 78.6% Fibonacci retracement level of $1653.01. The cryptocurrency then dropped toward the 61.8% Fibonacci retracement level of $1518.04, which could serve as support for the digital asset, from which it rebounds or drops further.

ETH price prediction 6/3/23

The asset’s moving average convergence and divergence (MACD) value is trailing on the red trend line, showing a strong sell signal.

Regarding its relative strength index (RSI), the ETH value of 44.13 currently puts the crypto asset in the underbought region. However, we may see the digital asset rebound when the broader crypto market fully recovers and rallies.

Coinbase Joins the Ethereum (ETH) Layer 2

Coinbase (COIN) recently unveiled its Ethereum scaling tool, Base. The Base project was created in partnership with layer-2 network Optimism, using Optimism’s OP Stack, which has a Massachusetts Institute of Technology license.

The Coinbase initiative seeks to get 1 billion people into cryptocurrency by purchasing, building, or investing in projects in the open financial system, cutting ETH transaction fees to just one cent, and interacting with other blockchains like Solana, Avalanche, and Polygon.

It will also provide easy fiat on-ramps, powerful acquisition tools, and access to Coinbase’s products, users, and tools. However, the company has stated that it has no plans to create a new network token.

Alternative Digital Assets to Consider

Investors looking forward to quicker returns may want to consider altcoins with strong fundamentals to rally. Some of these tokens are still in their presale stages with the potential to deliver above-average returns upon listing on CEXs, offering investors a once-in-a-lifetime opportunity to be early adopters.

The first altcoin we’ll be exploring is the C+Charge token, $CCHG.

C+Charge’s goal is to become the industry standard for payments for electronic vehicle charging. The startup is building a reliable peer-to-peer electric vehicle (EV) charging station payment system with blockchain.

The developers of the green initiative stated that for everyone to benefit from a sustainable future, a swift switch to electric vehicles is necessary because electric vehicles (EVs) are the greenest type of transportation.

At press time, the digital asset’s price is $0.018 per token. However, the price will rise to $0.019 per share when the fifth of the presale’s eight scheduled stages elapses in two days.

Cryptocurrency investors can use ETH, BNB, and USDT to purchase the CCHG coin.

The response to the project has been impressive, with over $2.24 million raised through the CCHG token’s ongoing presale promotion.

The $FGHT, which powers the ground-breaking fitness protocol Fight Out, is another outstanding token.

The FightOut platform aims to inspire players to engage in physical activity and improve their fitness by offering incentives in the form of cryptocurrencies and NFTs.

At press time, the FGHT token price is $0.026. However, the price is anticipated to rise every six hours until March 31, after which the token will cost $0.0333 when listed on cryptocurrency exchanges.

$FGHT has become popular among knowledgeable investors, raising more than $5.1 million in its ongoing presale.

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FightOut Presale - Earn Crypto for Working Out

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FightOut Presale - Earn Crypto for Working Out