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The crypto powering the smart-contract-driven Ethereum blockchain, Ether (ETH), is currently under selling pressure over the past few days.
The Ethereum Foundation, in charge of developments in the blockchain, sold out $30 million worth of ETH to a crypto exchange Kraken on May 6. This transaction triggered anxieties in the market, as past transactions like that leads to price downtrends.
Currently, Ether is bearish, with a price of $1,845, depicting a 0.62% price drop at the time of writing. Irrespective of its bearish signals on several indicators, investors expect the crypto to gain more value.
Ethereum Past and Present Trend
January was bullish for Ethereum as it gained new prices after several days. From $1,196 on January 1, 2023, to $1,451 on January 14 and from $1,552 on January 16, it touched $1,646 on January 30. However, at the end of the month, Ethereum declined to $1,567 (January 31).
Ether’s efforts to uphold its prices also led to a bullish trend in February. After trading at $1,568 on February 1, the cryptocurrency spiked to $1,651 on February 9. Amid several fluctuations, ETH recorded $1,702 on February 21 before the drop at the end of the month.
March was challenging and promising for Ethereum at the same time. After struggling between $1,400 and $1,500 in early March, ETH took a bullish run, touching $1,815 on March 24 and then $1,793 at the end of the month (March 31).
Also in April, Ethereum recorded several high prices amid fluctuations and bear pressures. As of April 1, it recorded $1,821 but dropped to $1,794 after 3 days (April 3). By April 11, it reached $1,911; in the next 9 days, it climbed to $2,103 (April 19). Despite the bear’s pressure on ETH’s price, it maintained the $1,900 level, recording $1,908 on April 30.
The recent events in May have brought a prevalent bearish sentiment to Ethereum’s market. Since May began, ETH’s price has stagnated, revolving around the $1,800 level after touching $1,995 on May 6.
Today, May 9, 2023, Ethereum trades at $1,847 with a 0.86% price drop at the time of writing. What could be the next move?
Ethereum Price Prediction with Technical Indicators
ETH’s market is currently bearish, with 15 red (bearish) indicators. On the other hand, its Fear and Greed Index at 51 (neutral) indicates the unclear direction of the market.
ETH is trading below its 50-Day Simple Moving Average (SMA) with a few pips, a short-term bearish sentiment, and an indication of a price dip in the next few days.
ETH’s Relative Strength Index (RSI) is at 46.22, a neutral market representation. It’s likely to approach the overbought region (above 70) if the selling pressure reduces.
The asset’s Moving Average Convergence/Divergence (MACD) value is negative and below the signal line, representing ETH’s current prevalent bearish trend.
On the other hand, ETH is still above its 200-Day SMA, providing support for the asset. As such, ETH is prone to experience several price gains in the long run.
ETH’s support levels are $1,113, $1,407, and $1,733. In contrast, its resistance level is $2,086. ETH is trading far away from its support levels. Thus, it’s prone to price fluctuations.
Meanwhile, the resistance level proves that ETH could attain new milestones in the coming days.
Experts’ Short and Long-Term Price Prediction for Ethereum
Many crypto experts and analysts predict future prices for Ethereum based on several fundamental and technical analyses. Thus, here are some experts’ price predictions for ETH for 2023 and beyond.
Ethereum Price Prediction by BitNation
BitNation’s prediction for Ethereum depicts a maximum of $3,330, an average of $2,775, and a minimum of $2,220 before the end of 2023. In 2024, the asset should reach $5,180 (maximum), $4,625 (average), and $4,070 (minimum).
In the next 6 years, ETH may reach a maximum of $16,280, an average of $15,725, and a minimum of $15,170 by 2030.
ETH Price Prediction by AmbCrypto
According to AmbCrypto, ETH might end 2023 with a minimum of $1,814, an average of $2,268, and a maximum price of $2,721. Also, it may perform well throughout 2024, and by 2025, it should reach a maximum of $3,017, an average of $2,514, and a minimum of $2,011.
Furthermore, the next 5 years will be bullish for the cryptocurrency; thus, by 2030, ETH is expected with a maximum of $10,368, an average of $8,640, and a minimum of $6,912.
Factors Affecting ETH’s Price
The utility and prices of cryptocurrencies are subject to macroeconomic factors, investors, market sentiments, and developments or events linked to their ecosystem.
As such, Ethereum’s price is significantly impacted by the massive coin sell-off performed by its blockchain developers, the Ethereum Foundation.
Notable Events in the ETH Foundation
The massive $ETH sell-off on May 5 and May 6 caused Ethereum’s price to drop drastically. According to Lookonchain’s Twitter post, two transactions were made to the crypto exchange, Kraken, where Vitalik.eth sold 200 ETH tokens worth $396K to the crypto exchange on May 5.
On May 6, 2023, the Ethereum Foundation also sold 15,000 Ethereum tokens worth $29.7 million to the same crypto exchange. According to U.Today, these transactions took place as ETH approached the $2,000 level, increasing the market’s selling pressure, leading to the dramatic price decline.
Irrespective of this backdrop, there are still signs of ETH breaking across the $2,000 level. According to Santiment’s analytics on Twitter, Ethereum is on the verge of volatility as the number of active deposits spikes.
Spiked ETH Gas Fees
The increased number of popular meme coins on Ethereum has spiked ETH gas fees. Although it’s causing jitters in the market, this spike will provide a perfect opportunity for ETH burning, decreasing its circulating supply and possibly improving its prices.
Ethereum Alternatives
While Ethereum faces ups and downs in the crypto market, other alternatives have promising price outlooks to consider.
AiDoge (AI)
$AI is the native, utility-infused token for the new revolutionary crypto-powered Web3 platform, AiDoge. It enables the platform’s users to purchase credits for generating memes, stake tokens for daily credit rewards, and receive monthly rewards as the best meme creator.
Its revolutionary Web3 platform, AiDoge, integrates artificial intelligence into an innovative meme-to-earn concept to revolutionize the ever-adapting crypto world. On this platform, users can generate memes using text prompts and share them on their walls so that other community members can explore and vote on their favourites.
The $AI tokens presale is ongoing and fast selling, already raising over $4.2 million in the short term. In this 7th presale stage, 1 $AI sells at $0.0000284 and will increase to $0.0000288 in the next 4 days.
At the end of the presale, the $AI tokens will list at $0.0000336 on several exchanges and spike in the long run. Early investors that take advantage of these presale prices will make the most when the tokens list on major exchanges.
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