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Ethereum Price Prediction, What’s Ahead For the Second Largest Crypto

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Ethereum
Ethereum

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Ethereum is the blockchain that pioneered the decentralized smart contract concept. The network is running a Proof of Stake consensus for validating transactions, and its native coin is Ether (ETH). 

The coin has been the 2nd top cryptocurrency on CoinMarketCap for many years. As of the time of writing, ETH’s market capitalization is $229,725,553,057, indicating a 2.56% decline, while it boasts a $5,673,500,396 trading volume in the last 24 hours.

A keen look into the factors that could affect cryptocurrencies and ETH’s past and present price performance in the crypto market will indicate a potential price prediction for ETH.

ETH Past and Present Price Performance

ETH has been fluctuating in its market price for the past few days. In 2023, it started the year with significant buying pressure. It maintained the bullish trend until Jan. 17, 2023, when ETH closed at $1,567.85, below the market price of $1,576.83 on Jan. 16, 2023.

In June 2023, the ETH market fell to the hands of the bears in the first 2 weeks of the month. As of June 3, 2023, the bears attempted to take the market and forced ETH to close at the market price of $1,892.41 against the previous day’s price of $1,907.26 on June 2, 2023.

The bears held a firm grip on the trend, and ETH had an enormous drop in market price on June 5, 2023, as it closed at $1,811.83.

Although the bears still controlled the ETH market, the bulls managed to push the price slightly high as ETH later closed at $1,884.49 on June 6, 2023.

The market price kept plummeting as selling pressure continued and later closed at a $1,665.52 price level on June 15, 2023. But the price of ETH became slightly stable between June 22 and June 24, 2023, as the bulls increased buying pressure to recover their control.

The bull’s control of the ETH’s market caused its price gain as it closed at $1,934.69 on July 3, 2023. Today, July 5, 2023, ETH is trading at $1900.70 as of the time of writing.

ETH Could Have Its Market Price Fluctuate Today

Ethereum
Source: Tradingview.com

Considering the signals from 3 indicators on TradingView. Ether could fluctuate today, July 5, 2023. ETH trades slightly above its 50-Day and 200-Day Simple Moving Average (SMA). This shows it is still in the bullish trend.

Again, ETH has its Relative Strength Index (RSI) at 54.50, moving towards the oversold zone (30). This indicates selling pressure that could make ETH fluctuate today.

Furthermore, the Moving Average Convergence/Divergence (MACD) is above the signal line with fainted histogram bars. This validates the increasing selling pressure in the market today that could make ETH fluctuate, although it is still in its bullish trend.

Note that cryptocurrency is highly volatile, and ETH’s market behavior may change later. So, there is a need for risk management and an in-depth technical analysis before taking trades.

Expert’s ETH Market Price Prediction

Some expert experts at Forbes predicted that by 2023, ETH will have a market price of $1,800 as its minimum and $1,900 as its maximum price. By 2030, the market price of ETH will have a minimum price of $20,500 and a maximum price of $14,000. 

Other analytical experts at AMB Crypto predicted that by 2023, ETH would have its average, lowest, and highest market prices of around $2383.79, $1907.03, and $2860.55, respectively.

By 2025, it also predicted ETH to have an average price of $2757.92, a minimum price of $2206.33, and a maximum price of $3309.50. 

Experts at Techopedia also predicted the future market price of ETH. For  2023, they predicted that ETH would have an average price of $1,550, a lowest price of $1,100, and a highest price of $2,000.

By 2030, ETH will have its average, minimum, and maximum market prices at $9,800, $7,400, and $12,200, respectively.

Factors That Could Affect Ether Market Behavior

Ethereum Proposed an Advanced Security by Introducing ERC 7265

The Ethereum blockchain looks forward to enhancing its security after its community suggested a revolutionary concept to advance its security on its protocols of decentralized finance (DeFi).

The introduction of ERC 7265, a novel Ethereum network protocol, will change how DeFi platforms protect investors’ funds and handle possible hack attempts.

This protocol will incorporate some essential elements that will serve and play the role of a fail-safe mechanism in the DeFi protocols of smart contracts. This proposal could increase the confidence of investors in ETH. This may change the ETH’s market behavior in favor of the bulls.

The Ethereum’s EVM Object Format (EOF) Update

Ethereum is planning to launch EVM Object Format on its blockchain network. When this happens, it will make the network a streamlined process of executing smart contracts and also make Ethereum more efficient. 

With this, the Ethereum network could become a large, decentralized platform that provides a friendly user interface for dApps with a secure network and low fees for daily transactions.

This could also affect ETH’s market behavior and increase the number of investors in the platform, thereby causing the ETH value to spike.

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