ETH Price Prediction: Is The Pushback To $1300 Coming Today?

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Since the May fall, the cryptocurrency markets have been more unpredictable, but the most recent FTX fiasco has made it extremely hard to recover. Market experts and key opinion leaders predict that the strong negative pressure on cryptocurrencies like BTC and ETH may last through the end of 2022. Additionally, the tendency is probably going to continue throughout the initial stages of 2023 as well.

In addition, the FTX intruder who stole close to $600 million from buying and selling has been selling off his ETH holdings. This put a lot of pressure on the second-largest cryptocurrency, which was on the verge of dropping below the $1,000 level. Despite a little uptick in the price, the rise is still shrouded in gloomy clouds.

ETH Price Prediction

Ethereum now has a price of around $1,200 and an $8 billion 24-hour trading volume. During the previous day, Ethereum increased by a bit. With an average real-time capitalization of $147 billion on CoinMarketCap, the token is currently ranked #2. There are now about 122 million ETH coins in circulation.

Ethereum/USD began its upward movement from around $1,167.70 on November 29. It reached a high of $1,220.94 as well as a low of $1,159.76. In contrast, the price rose by about 9.5% in just one week.

Ethereum has rallied at a decent pace after reaching $1,150 when it completed a 50% Fibonacci retracement. Above this, Ethereum produced a bullish engulfing candle, signalling a bullish trend. Further evidence that the price of ETH is expected to move north into the $1,235 dual resistance level comes from the fact that the ETH/USD combination has passed over the 50-day SMA of about $1,170. A rise in demand might drive ETH past this point, as far as $1,295 and beyond.

The Fibonacci retracement levels of $1,150 and $1,135, which correspond to the 50% as well as 61.8% Fibonacci retracement thresholds, respectively, may be reached if the $1,235 resistance level is not overcome.

How the FTX collapse affected the market

The whole crypto industry suffered greatly as FTX, the most well-known cryptocurrency exchange, went down. The coins’ value disastrously declined, greatly fueling market FUD. Also falling more than 30%, the price of Ethereum just hit fresh annual lows of $1074.

After the exchange originally stopped allowing withdrawals, a hacker seized assets valued at well over $600 million as well as exchanged them for ETH and other stablecoins. While a significant portion of this ETH was recently liquidated, some were exchanged for WBTC and renBTC. Being one of the biggest Ethereum whales following the hack, it was very clear that there may be intense selling pressure that would push the price further down.

The shareholders transfer 73.3K Ethereum to Binance

Coins are commonly moved to centralized exchanges when an investor plans to sell them or use them as leverage in a derivatives deal. Therefore, the rise in exchange inflows fosters a climate of higher price volatility. “Watch for the price pressure on ETH,” Lookonchain tweeted after noticing the huge influx into Binance.

According to Lookonchain, the address that sent over 73,000 Ethereum to Binance was the same address that withdrew 84,131 ETH from the decentralized exchange Curve’s pledged ETH (stETH)-ether liquidity pool last week.

Mobility Restrictions on COVID-Zero in China Affect Crypto

At least 10 people were murdered on November 24 in a housing fire in Urumqi, a city in the northwesterly region of Xinjiang. Many casualties were unable to escape because of China’s “zero-covid” policy, which kept them confined to their homes. The nation’s capital, Beijing, as well as other college campuses, have seen protests since they first started on November 25.

The demonstrations against the government’s “zero COVID-19” policy in China, the second-largest economy in the world, caused investors to withdraw their funds from riskier investments. Global stocks decreased as a result on November 28 when the markets opened.

Other High-Potential Cryptocurrencies

Dash 2 Trade (D2T)

Dash 2 Trade, a newly founded cryptocurrency analytics as well as insights startup, has unveiled the tax-free D2T token to enhance its platform. To assist them in making educated trading decisions, users of this user-friendly platform gain access to a variety of signals, data, and an online trading app. Dash 2 Trade only offers the most beneficial signals, such as outlining announcements, presales, technical indicators, and social analytics, as well as others.

Among the best aspects of Dash 2 Trade are its social as well as on-chain analytical insights. This functionality may be used by dashboard users to find currencies that might see significant price movements. The bulk of big market movements in the bitcoin market is influenced by sociocultural trends.

Tora Inu (TORA)

Tora Inu has several P2E games planned, as opposed to a potential metaverse interface where users might compete with the Tora Inu NFTs for more TORA. Your Tora will grow with you in the metaverse, and as it becomes stronger, it will be able to provide you with greater prizes. You may give it food, walk with it, or perhaps even accompany it to the gymnasium.

Supply and demand are encouraged by the “TORA” meme and the reward token. The token includes a burnout function and a way to reward holders. Tora Inu intends to take advantage of meme money, NFT, as well as metaverse developments to successfully create a play-to-earn environment.

Calvaria (RIA)

The foundation of the brand-new token Calvaria is the “play-to-earn” concept. The goal of the project is to increase widespread approval of bitcoin by developing a wonderful card game of battle based on well-known videogames such as Magic the Gathering. The platform hopes to succeed by seeking to bridge the gap between the real world and cryptocurrencies.

The program aims to do this by offering individuals a fun game they can connect to and engage in on their cell phones. There are two separate games available to users. The initial version will be available on the app store at no cost. Other games will feature blockchain components, such as play-to-earn ideas that anybody may use, even people who are not yet playing crypto games.

Tamadoge (TAMA)

Tamadoge will be the next accessible cryptocurrency in 2022. On the Doge portal, wherein users may create and breed virtual animals, it is a supported form of payment. You can then participate in user battles to advance in the TAMA Top Charts and receive monthly rewards.