Ethereum price is showing a bearish bias which could trace it to more downstream levels. Last week’s bullish outlook failed as ETH dropped below $1,200, ETH is now trading at $1,196 on Wednesday during the European session. There could be a serious risk of falling below the support of the triangle pattern.
As per live price data as shared by coinmarket cap, trading volume increased by more than 23% to $4,513,634 in 24 hours. The world’s second largest cryptocurrency has a market cap of $146 billion after a 2% decline over the same period.
Ethereum Price Prediction: How 2023 Could Be A Big Year For ETH
Ethereum could undoubtedly end 2022 in shambles after losing 70.4% of its value in a single year and 75.5% from its all-time high of $4,878 posted on November 10, 2021. However, according to Guy of Coin Bureau, a popular crypto analyst, next year could be an extraordinary year for the largest smart contract token.
Analysts cite the Ethereum Shanghai upgrade, which is set for release in the first quarter of 2023, saying that Ether could rapidly reverse the trend as investors exit the coin locked in smart contracts. He believes that when investors see billions of dollars being unlocked, they may be lured into staking their tokens for a hassle-free investment journey.
“When they see that ETH can be really volatile and can be easily sold, it might incentivize them to really stake themselves. So, I really think that somehow Now, I wouldn’t be surprised if it was a little bearish in the short term if we see some selling,” Guy of Coin Bureau said in part.
Analysts and investors are all looking forward to the Shanghai upgrade, which will pave the way for the scaling up and further adoption of Ethereum Improvement Proposals (EIPs), in addition to unlocking staking Ether. EIP refers to the standards for the Ethereum platform, ranging from core protocol specifications and client APIs to contract standards.
“I think the future is so bright for ETH, and I think Shanghai, assuming it goes off without a hitch without the merge, then I think 2023 is going to be really good for Ethereum and ETH. I could have a big year,” continued the Guy of Coin Bureau.
According to the analyst, it may not be possible to see Ethereum in five figures in 2023. He anticipates a sideways trend for ETH in 2023.
Crypto trader and analyst with the pseudonym Rect Capital told his over 330k followers on Twitter that Ethereum price should hold support at $1,062 to avoid a possible drop to $843.
Ethereum Price Eyes Last Capitulation
Ethereum price moved back into the red following a rejection above $1,200 in confluence near the 50-day exponential moving average (EMA) (in red) at $1,257. Support is expected at $1,177 provided by a triangle pattern on the daily time frame.
The Stochastic Oscillator on the same time frame confirms a strong bearish grip on Ethereum price. As this technical index is in the oversold zone – below 20.00, momentum to the south is likely to increase.
A definite break below the triangle could drag Ethereum price down the lower leg to the gray band just above $990.
On the upside, Ethereum price should retest the support at the 50-day EMA to break free from the stubborn bearish shackles. However, the bulls needed a break below 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 propel the price to the upside. needed. -haul flight in 2023.
Ethereum Alternatives Promising Quick Gains
Analysts predict an extraordinary 2023 for Ethereum price, starting with the Shanghai upgrade in Q1. However, ETH has not yet stopped bleeding amid fears of a drop to $843.
Investors interested in making quick profits may consider new projects in their pre-sales. Such projects like Dash 2 Trade are coming up with major utilities that could shape the future of the crypto space. The tokens listed here have the potential to rally on their initial exchange listings.
FightOut: The Next Big Thing in the Fitness Industry
FightOut, a new Move-to-Earn (M2E) fitness app, offers a range of fitness gyms across the globe. Its ecosystem is built around blockchain technology. The platform is designed to change how you and I look at the fitness lifestyle.
FGHT, a token that enables users to earn incentives for completing M2E tasks, powers FightOut’s token economy. Additionally, FightOut is integrating Web3 tools so that community members can create their own NFT avatars for the Metaverse.
FightOut’s pre-sale is underway and has raised over $2.42 million. For purchases made before $5 million, the team is offering a 50% bonus.
Dash 2 Trade (D2T)
Dash 2 Trade is a cryptocurrency platform that features integrated analytics and a dashboard with 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 Pre Sale is in advanced stages of completion with $10.1 million of the $13.42 million expected to be raised. The first CEX launch of the token will go live on Wednesday, January 11, 2023.
C+ charge (CCHg)
C+Charge is a crypto-powered Electric Vehicle (EV) charging and payment solution designed to democratize the carbon credits industry. It prides itself on being the first on- or off-chain platform dedicated to rewarding EV drivers.
Drivers earn carbon credits at the CCHG while charging their vehicles. Extending the utility of the token, charge station operators will also receive payments in CCHG.
The C+Charge pre-sale recently launched and raised $32k in the first phase. Investors can buy 1 CCHG for 0.013 USDT, but the price will rise to 0.0165 USDT in the next round.
C+ Charge presale update
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