Ethereum Price Prediction – Will The Bullish Trend Extend?

The general Ethereum (ETH) market has been on a bullish trend since the beginning of this year 2023.

The coin rose to a high of $2,132 on April 17 before dropping sharply by 19.23% to $1,722 on May 12. 

But currently, ETH is down by 0.51%, taking the coin to $1,818 in 24 hours trading session.

Notably, the 24-hour trading volume is down by over 7.60%, dropping to about $5.8 billion. This suggests that the ETH market is experiencing low activity. 

But the coin still holds the second position on the CoinMarketCap ranking with a market cap of $218 billion. 

ETH Past and Present Price Trend

Here’s a breakdown of the price movements of Ethereum (ETH) since this year:

ETH began the year at approximately $1,196 and experienced a steady ascent, peaking at around $1,661 on January 21. By the end of the month, ETH closed at $1,586.

Throughout February, ETH traded between $1,600 to $1,506. Towards the end of the month, it rallied to $1,700.

March started with some price volatility but eventually climbed to a high of $1,801 on March 20. Following a minor correction, ETH settled around $1,792 by the end of the month.

Continuing its growth, ETH surged to $1,911 on April 6. The bullish momentum persisted, pushing the price to $2,010 in mid-April. Subsequently, the price fluctuated between $1,800 and $1,900.

The coin started the month of May with a bullish sentiment that pushed the price back to the $2,000 region but later dropped slightly by a few pips.

In summary, the price of ETH demonstrated significant growth in 2023, though with occasional corrections. 

ETH Technical Analysis Using Indicators

The asset is trading above the 200-Day Simple Moving Average (SMA), generally considered a long-term bullish signal. 

This indicates that the bulls are still in control of the market for a longer timeframe. Traders and investors may interpret this as a potential signal to buy old the asset.

But ETH is trying to form a short-term bearish signal as the coin trades slightly below the 50-Day SMA. This indicates a potential short-term bearish signal or downtrend movement. 

The Relative Strength Index (RSI) of Ethereum (ETH) is currently 44.13. This indicates that the ETH market is in a neutral zone. It also implies indecision in the market, and the current momentum is low.

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

Note that technical indicators should be used in conjunction with other market factors.

DOGE Resistance and Support Levels

ETH is currently trading between its primary support and resistance levels of $1,786 and $1,897, respectively. 

The bulls hold their position strongly, resulting in price instability around the first support level of $1,786. 

However, with added pressure from the bears, the price of ETH might break and hit the next support level at $1,679. 

On the other hand, if the bull recover and the price rebound, the next resistance will be at $2,138.

Expert’s Short-Term And Long-Term Price Prediction

Below are ETH price predictions by several experts and analysts.

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 also predicted that the price may reach about $21,611.85 in 2030

ETH Price Prediction by PricePrediction

PricePrediction maintained an optimistic long-term ETH forecast that predicted ETH 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.

Notable Events and Development in The Ethereum Ecosystem

Liquid staking protocol and Decentralized finance (DeFi) Asymmetry Finance announced today that it had realized over $3 million in a seed funding round organized by venture capital fund Ecco Capital.

Asymmetry says that the funds they got from the seed funding will be used to develop, add talent, and onboard more users and institutions to its newly launched platform.

The newly launched Asymmetry Finance project is Simple Asymmetry Finance Ethereum (safETH), a native token issued to users staking ETH on the platform. 

This development could attract more users for the Ethereum blockchain and subsequently boost ETH utility, demand and value.

Ethereum Alternatives

 AiDoge

AiDoge is a forthcoming project anticipated to take off like the Turbo Token (TURBO), but it has already piqued the interest of numerous cryptocurrency enthusiasts. 

The project is based on the Dogecoin meme and combines AI power to provide a unique and alluring investment opportunity.

AiDoge is in its ICO presale stage and is currently sold at $0.0000304. This makes it relatively cheap for investors to consider. 

With the coin currently at a low price, investors can buy many quantities and potentially reap huge returns.

Ecoterra (ECOTERRA)

Ecoterra is a potential crypto project that operates on a recycle-to-earn mechanism, offering early investors a huge reward. The project’s value proposition makes it suitable for now and in the future. 

Ecoterra aims to protect the environment against pollution by incentivizing users to carry out an activity. As such, it rewards users for all their activities towards the goal.

There are several ways to earn from its native token $ECOTERRA. Users can stake it, use it to buy carbon credits and offset carbon emissions, thereby earning rewards. 

The token is on presale at a stage where investors can buy it for $0.0.00775. After the presale is done, the token will list on exchanges at $0.01, rewarding early investors massively.