Ethereum price exhibits a bearish bias that could see it explore more downstream levels. The bullish outlook from last week could no longer hold after ETH slipped below $1,200. ETH now trades at $1,196 on Wednesday during the European session. It may be in grave danger of dropping below a triangle pattern’s support.
According to live price data, as shared by CoinMarketCap, trading volume spiked by more than 23% in 24 hours to $4,513,634. The world’s second-largest cryptocurrency boasts $146 billion in market cap following a 2% drop over the same period.
Ethereum Price Prediction: How 2023 Could Be a Big Year For ETH
Ethereum may undoubtedly finish 2022 in shambles after losing 70.4% of its value in one year and 75.5% from its all-time high of $4,878 – posted on November 10, 2021. However, according to a popularly known crypto analyst, Guy of Coin Bureau, next year could be an exceptional year for the largest smart contracts token.
The analyst cites the Ethereum Shanghai upgrade, scheduled for release in the first quarter of 2023, saying Ether could reverse the trend bullishly as investors unstake tokens locked in the smart contract. He reckons that when investors witness the billions of dollars unlocked, they may be lured into staking their tokens for a hustle-free investment journey.
“When they see that that ETH can in fact be unstaked and easily sold, then it might incentivize them to actually stake themselves. So, I really think it could go either way. Now, I wouldn’t at all be surprised if it was slightly bearish in the short term if we do see some selling,” Guy of Coin Bureau said in part.
Analysts and investors are all looking forward to the Shanghai upgrade, which, in addition to unlocking the staked Ether, would pave the way for scaling and advancing the Ethereum Improvement Proposals (EIPs). EIPs refer to standards for the Ethereum platform, ranging from core protocol specifications and client APIs to contract standards.
“I think the future for ETH is so, so bright, and I think Shanghai, assuming it goes off without a hitch as the merge did, then I think 2023 could be a really big year for Ethereum and for ETH,” Guy of Coin Bureau continued.
According to the analyst, it may not be possible to see a five-figure Ethereum in 2023. He anticipates a sideways trend for ETH in 2023.
Rekt Capital, a pseudonymous crypto trader and analyst, told his over 330k followers on Twitter that Ethereum price must hold support at $1,062 to avert a possible drop to $843.
Ethereum Price Eyes Last Capitulation
Ethereum price is back in the red following the rejection from above $1,200, in near confluence with the 50-day Exponential Moving Average (EMA) (in red) at $1,257. Support is expected at $1,177 provided by the triangle pattern on the daily timeframe.
The Stochastic oscillator in the same timeframe affirms the strong bearish grip on the Ethereum price. Southbound momentum will likely gain traction as this technical index reenters the oversold region – below 20.00.
A confirmed break below the triangle could see Ethereum price stretch the down leg to the gray band, marginally above $990.
On the upside, Ethereum price must reclaim support at the 50-day EMA to detangle from the stubborn bearish shackles. However, bulls must push the price past the 100-day EMA (in blue at $1,329), the upper triangle trend line (continuous line) and the 200-day EMA (in purple at $1,588) to reverse the trend upward for a bullish long-haul flight in 2023.
Ethereum Alternatives Promising Quicker Gains
Analysts predict Ethereum price to have an exceptional 2023 starting with the Shanghai upgrade in Q1. However, ETH is yet to stop bleeding amid fears of another drop to $843.
Investors interested in quicker gains could consider newer projects in their presales. Such projects, like Dash 2 Trade, are coming up with key utilities that could shape the crypto space’s future. The tokens listed here have the potential to rally upon their initial exchange listings.
FightOut: The Next Big Thing in The Fitness Industry
FightOut, is a new Move-to-Earn (M2E) fitness app fronting a chain of fitness gyms worldwide. Its ecosystem is built around blockchain technology. The platform is designed to change how you and I view the fitness lifestyle.
FGHT, a token that enables users to receive incentives for finishing M2E tasks, powers the tokenized economy of FightOut. Additionally, FightOut is integrating Web3 tools so that community members can create their own NFT avatars for the metaverse.
FightOut’s presale is underway and has raised over $2.42 million. For purchases made before the $5 million mark, the team is offering a 50% bonus.
Dash 2 Trade (D2T)
Dash 2 Trade is a cryptocurrency platform offering a dashboard with integrated analytics and features designed to help traders achieve success. With this crypto terminal, traders access trading signals that lead to buy/sell opportunities in the market.
Dash 2 Trade’s presale is in the final stage, with $10.1 million out of the expected $13.42 million raised. The token’s first CEX launch will go live on Wednesday, January 11, 2023.
C+Charge is a crypto-powered electric vehicle (EV) charging and payment solution designed to democratize the carbon credit industry. It prides itself on being the first on or off-chain platform dedicated to rewarding EV drivers.
Drivers earn carbon credits in CCHG while charging their vehicles. Charge station operators will also receive payment in CCHG, expanding the token’s utility.
C+Charge presale launched recently with $32k raised in the first stage. Investors can buy 1 CCHG for 0.013 USDT, but the price will shoot to $0.0165 USDT in the next round.