Ethereum Price Prediction: Bulls To Take Over Control? Top Factors Pushing ETH Price Higher in 2023

Updated: 29 June 2023

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For over a week now, Ethereum has been trading above $1,653.17 price level.

Throughout 2023, Ethereum (ETH) has demonstrated a bull run, successfully regaining its bullish momentum and maintaining a trading position above the support market price of $1075.00. Several key factors have contributed to the upward movement of ETH prices in 2023. But can the bulls take control?

SEC Lawsuits Against Binance and Coinbase

In early June 2023, the SEC filed lawsuits against Binance and Coinbase, accusing them of violating U.S. securities laws. The allegations included selling unregistered securities, performing clearing functions, and acting as brokers without proper registration.

During this period, the price of ETH faced a bearish trend, with ETH closing at $1,862.20. But the bulls briefly took control, pushing the price to $1,907.26. However, the bears regained control, causing ETH to close at $1,890.51 on June 4th.

On June 5th, the announcement of the SEC’s lawsuits against Binance led to a sharp decline in ETH’s price, dropping to $1,811.83. The bulls attempted a recovery, but the SEC’s lawsuit against Coinbase on the same day prompted investors to withdraw their funds, resulting in ETH closing at $1,832.40 on June 7th.

Since June 10th, the bears have maintained control, causing further price drops in ETH. ETH closed at $1,752.38 on June 14th, fluctuating between $1,741.11 and $1,805.96, and finally rallying to $1932 on June 23.

Bitcoin Spot ETF Filing by BlackRock

Bitcoin’s market price witnessed a significant surge thanks to the news of prominent investment firms filing for Bitcoin spot ETFs. BlackRock took the lead by applying for a Bitcoin spot ETF, and soon after, Fidelity Investments followed suit.

The growing interest in Bitcoin spot ETFs by these large-scale investment companies further influenced the price of Ethereum (ETH). ETH witnessed a bullish trend, with its market prices closing at $1,792.12 on June 20. The news surrounding Bitcoin spot ETFs continued to drive the price of ETH upward, closing the price at $1,891.01.

Since then, ETH has maintained a bullish trend, causing it to fluctuate between the price levels of $1,872.94 and $1,932.53. The highest market price occurred on June 23, 2023, reaching $1,932.53.

As of the time of writing, ETH is trading at $1,838.34, with a 24-hour trading volume of $7,175,588,415.21. This reflects a decrease of 1.51% in price over the past 24 hours and a decline of 4.09% over the previous 7 days. However, the circulating supply of ETH stands at 120 million ETH, with a market capitalization of $221,031,341,655.

Ethereum Price Prediction – ETH/USD Technical Analysis

Ethereum is currently trading above its 50-Day and 200-Day Moving Average, indicating that the asset could sustain its bullish momentum and reach the price level of $1900 in the short term. ETH’s price has formed a double-top pattern, which indicates that the price is changing the trend to sell.

However, there is a possibility of a change in trend once the price hits the critical support area at $1788, forming an inverted shoulder head-shoulder pattern. During trading, the pattern indicates a bullish move by an asset.

Additionally, the price is trading slightly above the relative strength index (period 14) at 52. This is a great signal that the ETH price’s bullish sentiment is about to take off. Therefore, based on the analysis above and the recent activities surrounding ETH, we predict its price to reach $2100 in the long term and $1790 in the short term.

Besides ETH offering buying opportunities, the crypto market is unveiling new coins and projects with massive opportunities and huge returns for investors. One of these coins is the Chimpzee token.

Ethereum Alternative – Chimpanzee (CHMPZ), 300% Bonus Coins

The Chimpzee presale has attracted considerable interest from investors and cryptocurrency supporters worldwide.

https://twitter.com/RealChimpzee/status/1673858132815015937?s=20

This enthusiasm stems primarily from the opportunity to receive an exceptional bonus of up to 300% during the presale period. The bonus structure has ignited a buying frenzy, resulting in a quick sale of the tokens. Impressively, the green project has already raised over $642,000.

Chimpzee Empowering Users with Play-to-Earn, Shop-to-Earn, and Trade-to-Earn Features

Chimpzee successfully achieves its goal through its Play-to-Earn, Shop-to-Earn, and Trade-to-Earn features, which create a three-pillared ecosystem comprising the Chimpzee Shop, Chimpzee NFT Marketplace, and Chimpzee Zero Tolerance Game.

The Chimpzee Shop goes beyond being just a purchasing platform. It is a vibrant marketplace that offers a wide range of items and essential products. Users can actively engage in buying and selling within the Chimpzee NFT Marketplace, giving them the opportunity to profit from their transactions. Furthermore, users have the opportunity to earn passive income through a percentage of the commissions generated from trading activities on the platform.

The sixth presale stage is coming to a close in just eight days. Investors have a golden opportunity to acquire CHMPZ tokens for a bargain price of $0.00067 on their website. CHMPZ price will rise to $0.0007 upon the conclusion of this presale stage.

Eventually, the presale will list on major exchanges at a price of $0.00185. Investors can buy CHMPZ tokens using ETH, USDT, or bank cards on the Chimpzee website by connecting their crypto wallet. Currently, 1 USDT is the equivalent of 1493 CHMPZ tokens, and as of this writing, 1,161,514,416 CHMPZ have already been sold and are selling out fast.