As analyzed on Wednesday, Ethereum price is printing a bullish green candle after bouncing off a triangle support. The largest smart contract platform is having a hard time weathering the 2022 bear market. All attempts to recapture the high above $2,000 have failed since ETH dropped to $879 in June.
As investors deliberate which assets to add to their crypto portfolios in 2023, ethereum price The exchange of hands at $1,197. A move above the 50-day exponential moving average (EMA) (in red at $1,255) could have sidelined buyers in the market.
for now, Ethereum must prove its worth to investors That it could hold above the immediate resistance at $1,200 and prevent further losses towards $1,100 and $1,000, in that order. Analysts appear to have made conflicting predictions for 2023, with some predicting a sideways trend. Most would like to see Ethereum price above $4,000 by the end of 2022 at the earliest.
Ethereum Price Prediction: $10,000 ETH Coming?
Ethereum is a well-known blockchain platform that has revolutionized the cryptocurrency space since its inception in 2015 with the introduction of smart contracts. Smart contracts enable developers to offer blockchain as a service (BaaS), build decentralized applications, and bring NFTs to life.
The utility of the second largest cryptocurrency continues to grow rapidly, especially with the transition to Proof-of-Stake (PoS) consensus mechanisms. According to the author of “cryptocurrency investing for dummiesKiana Daniels, the value of Ethereum can be attributed to the problems it solves.
“Ethereum is valuable because of the problem it solves, because of the size of its platform, and because of the number of people who use it to build their own apps.”
It’s hard to imagine just how vast the Ethereum ecosystem is until you learn that the blockchain platform has over 44 million smart contracts. Emre, founder of Electric Capital, says that 70% of the roughly 15 million active contracts were created as duplicates of one of 15 main templates.
About 22 million contracts to conserve gas have been liquidated over the years. However, with Ethereum becoming a PoS platform, gas will be a non-issue in the future. The Shanghai upgrade, expected in Q1 2023, will introduce mechanisms to reduce gas fees and support scaling through sharding technology.
More than one million smart contracts have been deployed for the sale of NFTs. ERC-20 contracts were not added due to their many variations, with 44 million contracts, but about 400,000 of them.
Ethereum reached over 202 million unique addresses this week etherscan, Transactions on the blockchain are often around 1.2 million per day, with occasional spikes.
The above data shows how much the Ethereum platform is worth and confirms the potential for an increase to $10,000. There is no doubt that ETH’s position in the cryptocurrency market is unmatched.
In 2021, Goldman Sachs, a major investment bank in the United States, predicted that Ethereum could overtake Bitcoin (BTC) to become the world’s most dominant cryptocurrency in the coming years.
Goldman Sachs said at the time that ether “currently looks like the cryptocurrency with the highest real-use potential as Ethereum, the platform on which it is the native digital currency, is the most popular development platform for smart contract applications.”
According to the bank, bitcoin has the brand and recognition but lacks the real use cases that make ether tick. Furthermore, the slow transaction speeds bitcoin is known for could make it less competitive in the future.
What will it take for Ethereum price to reach $10,000?
Ethereum price faces a steep hill it must climb to free itself from the shackles of the major bears since the 2021 bull market. Moving to $10,000 in 12 months seems almost impossible, but then again, anything is possible in the cryptocurrency industry.
At the moment, Ethereum price is looking for an increase above $1,200 and later the 50-days EMA. Furthermore, Ether is down more than 75% from its November 2021 all-time high of $4,878. In other words, a 700% rally would be needed to propel Ethereum to $10,000.
If you pay attention to the careful selection of words, then the impossible is not next to impossible. Remember, ETH has posted gains of over 700% in the past. In 2017, the price of Ethereum increased by more than 9,300%, while in 2016 the coin posted a gain of 784%.
The current macro conditions coupled with the dynamics of the crypto environment are not the same in 2021 and certainly not in 2017. However, Ethereum price looks likely to rise against all odds to touch $10,000 for the first time.
First, investor confidence must be restored following the collapse of Sam Bankman-Fried’s FTX exchange. As money flows into cryptocurrencies and their related products, we may begin to see sustainable growth not only for Ether, but other crypto assets as well.
The United States will need to avoid an economic recession in 2023 in order to contribute to a return of investor confidence. Since this will not be enough, maybe not even a close shot, the US should control inflation in the new year.
Stakeholders in the cryptocurrency market have to play their part by encouraging development to create an environment where the price of Ethereum can rise. The Shanghai upgrade in Q1 2023 could be the start of a trend reversal, now that investors will have access to stake ETH for the first time.
The next big step for Ethereum will be the transition to sharding, which developers hope will significantly improve the scalability and capacity of the network. Along with drastically reducing transaction fees, sharding will make Ethereum more competitive.
key takeaways
Other Altcoins to Consider
Crypto markets are generally in a downtrend, as they have been for the most part of 2022. After the implosion of the FTX exchange – it may take longer for the market to turn around. Investors are probably intentionally considering diversifying their crypto portfolios. Some of the altcoins listed here are coming to the market with a fresh outlook. With early bird access offered to their presales, they could be the key to recouping losses during the crypto winter.
Fightout (FGHT)
A relative new cryptocurrency project working towards bridging the gap between the words physical and web3 in the fitness industry. FightOut is bringing a fresh approach to Move-to-Earn (M2E) platforms so that everyone can access and live a healthy lifestyle using individual goals, needs and abilities.
The team is looking forward to launching an M2E Fitness app to track progress and distribute benefits. Unlike existing platforms like Sweat Coin and STEPN, which require expensive NFT purchases, FightOut levels the ground for everyone.
Following the official launch, FightOut will purchase a chain of physical gyms around the world, where users can grow in a community of like-minded people. Prizes will be awarded for all completed workouts and challenges.
With a simple digital avatar, users will have access to the metaverse using provided Web3 tools such as NFTs. The ultimate goal is to bring the vast Web2 audience into the M2E space and metaverse.
FightOut’s FGHT tokens are selling at 60.06 per 1 USDT and interested investors are encouraged to act fast to grab the tokens. The presale has raised $2.44 million to date. FightOut’s ecosystem is powered by the FGHT token.
Dash 2 Trade (D2T)
Investors interested in a promising cryptocurrency project providing accurate analysis and signals to the everyday trader may want to consider dash 2 business, With this blockchain platform, users will have access to trading signals, social analytics on on-chain data, with which they can make the most out of the market.
Dash 2 Trade is powered by Learn2Trade, a renowned investment ecosystem that has helped thousands of people become successful traders over the years. The Social Trading Dashboard allows users to copy winning trading signals and strategies.
Investors interested in presale tokens will find a home in Dash 2Trade as the platform is launching a crypto presale section. A score rating will be used to ensure that investors do not lose money and only consider high-quality pre-sales.
D2T Token is the ecosystem powering Dash 2 Trade. Its pre-sale is almost at the finish line after raising $11.31 million. Investors are buying 1 D2T token for $0.0533 ahead of the first listing on CEX on January 11th.
C+ charge (CCHg)
Existing electric vehicle (EV) charging systems are inadequate for issues such as lack of standardization. On the other hand, the carbon credit industry, which is estimated to be worth $2.44 trillion by 2027, is dominated by large corporations such as Tesla, which sell off individuals driving EVs.
However, C+Charge hopes to dramatically change the narrative by building a blockchain-based peer-to-peer (P2P) payment system for EV charging stations that allows drivers of electric vehicles (EVs) to earn carbon credits. will allow.
On C+Charge users will be able to pay for charging their vehicles with CCHG, the token powering the ecosystem and earn carbon credits stored in an app. The C+Charge pre-sale recently launched and has raised $37k so far. Investors can buy 1 CCHG for 0.013 USDT, but the price will soon reach $0.0165 USDT.
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