Ethereum Price Prediction – Why Is The Price Of Ethereum Falling Day By Day?

In the last few days, the general cryptocurrency market has been ranging, with ETH dropping slightly. 

ETH has decreased by 1.55% to a low of $1,821 in the latest 24-hour trading session. Also, the market cap is down by 1.32%, with over 120 million coins circulating. 

However, its 24-hour trading volume has increased by over 76.35% to $6.9 billion. This shows that trading activities are currently high in the ETH market. 

Ethereum ETH Price Trends In 2023

In January 2023, ETH was valued at around $1,196. Over the month, its price steadily increased, reaching a high of $1,661 on January 21 before closing at $1,586. 

In February, the price fluctuated between $1,506 and $1,700, eventually ending the month at the latter. 

March began with some price volatility, but the price rose to a high of $1,801 on March 20 before dropping to around $1,792. 

However, ETH rebounded and hit a high of $1,911 on April 6. With the bulls continuing to push its price, ETH reached $2,010 in mid-April. Since then, the price has remained between $1,800 to $1,900. 

Despite the whole volatility, ETH has shown significant growth in 2023. Remember that cryptocurrency prices are highly volatile and can change at any moment.

Ethereum Technical Analysis Using Indicators

The Simple Moving Average (SMA) Indicator shows Ethereum is trading above its 200-Day SMA, a long-term bullish sentiment. This indicates that the price of ETH is bullish in Long-term and traders or investors might position themselves to utilize this opportunity.

However, ETH signals a short-term bearish movement as it trades slightly below the 50-Day SMA. This action indicates a possible price decline in a short-term trend.

Secondly, the Relative Strength Index (RSI) shows a reading of 44.41, indicating that the current ETH price momentum is in a neutral zone. The indicator also suggests that there’s no clear bullish or bearish trend in the market due to indecision among traders.

Lastly, the Moving Average Convergence Divergence (MACD) trades below the signal line, suggesting bearish momentum. The histogram also confirms this sentiment as it’s below zero.

ETH Resistance and Support Levels On Charts

ETH is currently trading between its significant support and resistance levels of $1.793 & $2,020, respectively. With high selling pressure from the bears, ETH might break the primary support of $1,793 in a few days. 

Conversely, if the bulls hold their positions, the coin will consolidate before it hits the resistance level of $2,020.

The next significant support and resistance levels are $1,003 and $2963. Any price movement between these levels might cause potential losses or gains to traders.

It is important to note that technical indicators should be used with other trading factors before making investment decisions.

Expert Price Predictions

Below are ETH price predictions by several experts and analysts based on technical and fundamental analysis.

ETH Price Prediction by PricePrediction

PricePrediction maintained an optimistic long-term ETH forecast predicting that the coin could be worth roughly $2,851.56 in 2023, $4,224.26 in 2024, and $6,442 in 2025. According to the site’s forecast, the price of ETH might hit $41,716.25 by 2030.

ETH Price Prediction by GovCapital

Gov Capital made an Ethereum price prediction for 2023, suggesting that the price could reach $2,587.61 by the end of the year. The site also predicted that by the end of 2024, ETH might hit above $5,033.84.

ETH Price Prediction by DigitalCoinPrice

DigitalCoinPrice predicted that ETH might reach $6,829.87 in 2025. The price of ETH was predicted to be $4,500.84 on average in 2023 and $5,118.69 in 2024. According to historical statistics, the site predicted the price would reach about $21,611.85 in 2030.

Factors That Affect Ethereum Prices

Several factors, such as Supply and demand, Social media sentiment, network developments, and Macros, influence the general cryptocurrency industry. 

Social Media Sentiment 

Social media has become a powerful tool used by influencers to disseminate information. These influencers can make a post (negative or positive) about an asset, which can affect the perception of investors and traders towards that asset.  

For example, the change of the Twitter logo to the Dogecoin logo, followed by a tweet from Elon Musk, pushed DOGE to about a 20% increase in less than an hour before it dropped as the hype faded.

However, a tweet criticizing an asset may cause negative sentiment around that asset and can lead to a decline in price.

Macroeconomic Factors

Cryptocurrency prices are affected by macroeconomic factors such as inflation, monetary policies, and global economic growth. 

As cryptocurrencies are viewed as an alternative investment asset, an increase in inflation and economic instability can lead to a higher demand for cryptocurrencies. 

Notably, an increase in demand for cryptocurrency can lead to an increase in the price of crypto.

Ethereum Alternatives To Consider

DeeLance (DLance)

DeeLance is a Web3 decentralized platform for recruiting and freelancing. The DeeLance platform completely transforms how freelancers interact with clients and customers by offering improved efficiency and confidence.

This is a complete blockchain-based platform aimed at revolutionizing how freelancers connect with employers through blockchain technology. It adopts a decentralized mechanism to ensure promptness, transparency, speed, and security.

DeeLance is the first fully decentralized freelance network with a low commission fee of 2% only, the lowest in the industry.

DLANCE is the native token that powers all the activities running on the DeeLance network. The token is currently in the presale stage, where you can buy it at a discounted amount. The current price is $0.0.29, which will eventually increase at the next presale stage.

Follow the procedures below to participate in the DeeLance presale: 

1.) Open any of your Crypto Wallets, e.g., Trust Wallet, Zerion, or Ledger.

 Click on the Browser tab below.

2.) Copy and Paste the DeeLance official presale site’s link on the search bar.

3.) Click on the button [BUY NOW]. This will connect your wallet & Select DApp Wallet (Trust Wallet, Metamask) to connect

4.) Press on [Buy with ETH or USDT] to purchase.

5.) Type the amount you want to purchase.

6.) Validate the transaction by clicking on [CONFIRM].

yPredict ($YPRED)

yPredict is an AI-powered trading research and analysis platform that provide data-driven insight and info to help professionals and traders make better decisions.

yPredicts.ai anticipate bridging the gap between traders and trading signals from dishonest signal providers. It also significantly provides statistical data, proven analytical metrics, and a prediction marketplace.

yPredict has introduced a new Ambassador Program and a partnership with ShubPy to energize the community and follow through on its commitments.

$YPRED is the native token of yPredict. This token will facilitate all activities that’ll be carried out on this platform. Currently, the token is in stage 4th of its presale and is being sold at $0.05.

After this round, the 5th stage will begin immediately, driving the price to $0.07. the token will be listed on prominent exchanges, just like Floki Inu on Binance, immediately after all the presale stages. 

To Participate, go to yPredict’s official presale site. 

Enter the amount you want to buy, either using ETH or MATIC.

Then you click on [Connect Wallet], select your crypto wallet and validate the transaction.