The pessimistic prognosis for Ethereum may cause further price declines. Despite last week’s strong price movements, it has dropped below the $1,200 mark. There is a chance that it will drop below the triangle pattern’s level of support.
Ethereum has seen a 23% spike in trade volume over the last day, reaching $4.5 billion. The market capitalization of cryptocurrencies is $146 billion, down 2% during the same time period.
Ethereum Price Prediction: How 2023 Could Be a Big Year for ETH
Ethereum has had a challenging year, with its value falling by 75.5% from its all-time high and 70.4% in only one year.
But Guy of Coin Bureau, a well-known cryptocurrency expert, thinks that 2023 could be a great year for the largest smart contract token.
Guy thinks that the upcoming Ethereum Shanghai upgrade, which is planned for Q1 2023, will cause Ether’s positive trend to reverse. The expert thinks that investors will be drawn to stake their own tokens for a potentially stress-free investing experience if billions of dollars’ worth of tokens locked up in smart contracts are released.
“They could be motivated to truly stake themselves if they discover that ETH can be unstacked and sold with ease. So, in my opinion, anything might happen. “Now, if there is some selling, I wouldn’t be surprised in the least if it were slightly bearish in the near term,” Guy stated in his Q&A video.
“I believe Shanghai, assuming it goes off without a hitch like a Merge, will be a really important year for Ethereum and ETH,” Guy said.”I think the future for ETH is so, so bright.
It’s improbable that Ethereum will reach five digits in 2023, claims a crypto specialist. Guy anticipates a sideways trajectory for the cryptocurrency this year instead.
Rekt Capital, a pseudonymous crypto trader and analyst, tweeted to their 330k followers that the Ethereum price needs to keep support at $1,062 to avoid a possible drop to $843.
The cryptocurrency markets are definitely in a bad mood, but as we’ve seen before, they are known for making quick changes.
The Ethereum price is aiming for a final capitulation
Ethereum’s price has fallen below $1,200 and has been rejected by the 50-day Exponential Moving Average (EMA), which is currently at $1,257. This indicates that Ethereum is currently in a bearish trend. The triangle formation on the daily chart suggests that $1,177 will serve as support.
The same-time frame stochastic oscillator confirms the price of Ethereum’s strong negative hold. As this technical index returns to the oversold area, which is below 20.00, southbound momentum will probably pick up speed.
The grey band on the daily timescale shows that if the price of Ethereum drops below the triangular pattern, it is anticipated to drop to roughly $990. This supports the cryptocurrency’s current bearish trend.
To break free from the obstinate bearish chains, Ethereum’s price has to retake support at the 50-day EMA on the upside. But in order to reverse the trend higher for a bullish long-haul journey in 2023, bulls must push the price past the 100-day EMA (shown in blue at $1,329), the upper triangular trend line (shown as a continuous line), and the 200-day EMA (shown in purple at $1,588).
In order to see a bullish trend, the price of Ethereum must pass through several points of resistance, including the 50-day EMA at $1,257, the 100-day EMA at $1,329, and the 200-day EMA at $1,588. If these levels are successfully crossed in 2023, it might indicate the start of a long-term bullish trend for Ethereum.
Other Altcoins to Consider
Some investors may be considering diversifying their cryptocurrency holdings as the larger cryptocurrency markets have been moving sideways for several weeks and do not appear to be displaying many signs of a near-term comeback. Here are a few intriguing alternative coins that are now being offered at a discount in pre-sale fundraising.
FightOut (FGHT)
Although the “move-to-earn” cryptocurrency market is still in its infancy, there is a lot of potential there. Early success stories like STEPN, on the other hand, have serious problems that have kept them from becoming widely used.
In 2023, FightOut—which bills itself as the move-to-earn of the future—wants to change that. A brand-new web3 fitness software and gym chain called FightOut offers prizes to users who exercise, complete challenges and engage in competition inside a pioneering fitness metaverse.
FightOut uses a more comprehensive approach to tracking and rewarding its users for their exercise and activity and doesn’t require any expensive buy-ins to participate, in contrast to existing M2E applications like STEPN that only track steps and require expensive non-fungible token (NFT) buy-ins to participate. The goal of FightOut is to integrate the real world with the web 3.
In addition to promoting an integrated web3 exercise experience, the project wants to eventually buy gyms in all of the world’s major cities. The smartphone application that will serve as the hub of FightOut’s digital ecosystem will go live in Q2 2023, according to the company’s whitepaper.
Since the pre-sale has already raised over $2.43 million in just a few weeks, investors are urged to act quickly to acquire their FGHT tokens, which are currently selling for 60.06 per 1 USDT. The FGHT coin will drive the FightOut blockchain ecosystem.
Dash 2 Trade (D2T)
Dash 2 Trade is the only option for anyone looking to invest in a budding cryptocurrency trading platform. With a variety of distinctive features, the emerging analytics and social trading platform aspire to completely dominate the crypto trading market. A pre-sale token scoring system, a token listing alert system, trading signals, social sentiment, on-chain indicators, and a tool for back-testing strategies are some of these.
The D2T token, which users must purchase and keep in order to use the platform’s functionalities, will fuel the Dash 2 Trade ecosystem. A token pre-sale is being held by Dash 2 Trade right now, and sales have topped $11.1 million. The development team is currently ahead of schedule, therefore, the pre-sale dashboard will be provided soon. On Wednesday, January 11, D2T will launch its first CEX, with tokens now trading for $0.0533 each.
C+Charge (CCHG)
By 2027, it is anticipated that the carbon credit market will be worth $2.4 trillion. In the years to come, democratizing access to receive these benefits will be a huge business, and crypto start-up C+Charge wants to do this. Drivers of electric vehicles (EVs) will be able to earn carbon credits through the peer-to-peer (P2P) payment system for EV charging stations that C+Charge is currently building on the blockchain.
C+Charge wants to strengthen the position of carbon credits as a significant inducement for the uptake of EVs. Currently, major EV producers like Tesla make millions of dollars selling carbon credits to polluters. C+Charge wants to make the carbon credit market fairer by giving more of these benefits to people who own EVs instead of just to big companies.
The CCHG token, which will be used on C+Charge’s platform to pay at EV charging stations, has recently begun its pre-sale. At the now, each token costs $0.013, however by the end of the presale, this price will have increased by 80%. Investors who want to participate in a promising cryptocurrency project that is friendly to the environment should act quickly.
IMPT
Investors seeking a green cryptocurrency could take the IMPT token into consideration given the rise in popularity of environmentally and socially responsible investments in recent years. For users to be able to trade carbon credits on the blockchain, IMPT.io has partnered with thousands of the biggest shops in the world.
On December 12th, IMPT went public on exchanges, and at the current token price of $0.019, they are now trading at a discount. On LBANK, tokens can be purchased.
IMPT is expected to take off in the next few weeks as a result of its debut on the Bitmart Exchange today.
