Ethereum Price Prediction as ETH Reaches $200 Billion Market Cap – Time to Buy?

Ethereum price is up 2% over the past 24 hours, reaching $1,657 as the cryptocurrency market gains by the same percentage. Its current price means it has been stable over the past week and has gained 6% over the past 14 days, with the coin about to recover its $200 billion market cap today.

While ETH has provided 38.6% returns since the beginning of 2023, it remains a significantly undervalued coin. And with Coinbase recently announcing a layer-two sidechain for Ethereum, it could indeed see some pretty big gains later in the year.

ETH Reaches $200 Billion Market Cap As Ethereum Price Prediction – Time To Buy?

The indicators for ETH find themselves in a mixed state, with the coin equally capable of further gains or losses in the near future. For example, its Relative Strength Index (purple) has started rising again after falling to 50 over the past few days, indicating a revival in momentum.

On the other hand, ETH’s 30-day moving average (red) has flattened with respect to its 200-day average (blue). And considering how well it is above the long average, ETH could soon drop further.

That said, any drop may be minor given how well ETH has done to hold its $1,600 support level. So while it may see another drop in the short term, it is likely to be short term, the medium and long term picture for ETH points towards growth.

In fact, ETH’s fundamentals remain so strong that it can only rise in the long term. This is underscored again by a recent announcement from Coinbase, which revealed it is launching a layer-two sidechain base for Ethereum.

The highlight of this launch is that Coinbase is targeting To “onboard 1B+ users into the crypto economy” with Aadhaar. Even if it succeeds in attracting only a fraction of such users, its new venture will likely result in greater attachment and usage for Ethereum.

This implies an ever-increasing price for ETH, despite Ethereum’s new status as a proof-of-stake blockchain. When it completed the merge in September, changes to its POS system laid the groundwork for it to become more energy efficient, more scalable and cheaper, something that cemented its position as the key layer-a blockchain in the cryptocurrency ecosystem. will help to do.

Even now, Ethereum currently has 59% of its total value locked up of the entire sector. As more updates come, and especially when Sharding will come later this year or in 2024This percentage is only going to increase.

Ethereum is in a very strong position, which was also highlighted a few weeks ago when payments giant Visa revealed it was testing USDC stablecoin payments on the Ethereum blockchain. Again, this suggests that, if large businesses are going to use a public blockchain, they are going to use Ethereum.

On top of this, Ethereum is also gearing up to release the Shanghai Update, which will enable stakers to withdraw the ETH they have locked up and receive them as rewards. Whereas Some commentators suggest this could lead to a short-term selloffThis is another bullish milestone for Ethereum as It minimizes the risk to the users,

Even with this month’s Shanghai-inspired decline, ETH looks set to recover and return to the $1,700 level in the coming weeks, before moving up further. And the longer-term trend is towards $2,000 and higher for the rest of the year, with earlier updates (such as EIP 1559) giving ETH a deflationary trend during periods of peak activity.

And with the likes of Coinbase now joining the Ethereum ecosystem, such ‘peak activity’ is likely to become a regular occurrence, making ETH arguably one of the best bets in crypto.

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Is Now a Good Time to Buy Ethereum?

ETH is one of the most fundamentally attractive coins in the market, yet it can fall when Shanghai makes withdrawals possible. For this reason, shorter term traders may prefer to look at other high potential coins. Accordingly, we have put together a list of the top 15 cryptocurrencies for 2023, analysed. crypto news Industry Talk Team.

The list is updated weekly with new altcoins and ICO projects, so be sure to check back for new entries.

^{Disclaimer: The Industry Talks section features insights by crypto industry players and is not part of the editorial content of 0x0news.com.}