Over the past 24-hours, the price of Ethereum fell by 2% to $1,249, while the entire cryptocurrency market suffered a similar decline. Its current price represents a 2.5% decline in one week and a 3.5% decline over the past 30 days, as tight macroeconomic pressures and continued negative sentiment continue to squeeze prices to the downside.
On the positive side, it can be argued that while the ongoing decline has put ETH on sale at an even bigger discount than before, Altcoin, the largest in the market, remains decidedly oversold. And given that Ethereum continues to scale and develop as a layer-one blockchain, ETH is about to see a big jump once the market returns to more bullish conditions.
Ethereum Price Prediction – Can ETH Reach $3,000 By 2023?
The ETH chart shows that it is due for a rally, from a purely technical perspective. Its Relative Strength Index (purple) dropped below 30 in early November, and has started a steady upward trend again, although it has stalled at around 50 over the past few days.
At the same time, ETH’s 30-day moving average (red) remained below its 200-day average (blue) for the entire year, which means it’s actually about time the trend was headed towards more positive price action.
Of course, the broader market remains mostly subdued and negative, with its total cap down 21% since November 5th when the FTX crisis (and subsequent collapse) began.
And things are unlikely to improve drastically in the short term Federal Reserve expected to initiate yet another interest rate hike on Wednesday. However, US inflation data is also expected tomorrow, and one expects it to show that the rate of inflation has begun to slow.
That doesn’t mean it will return to normal levels, but it could at least indicate a slow turning of the tide, setting the stage for more significant corrections next year.
Assuming such corrections, ETH is better positioned than most cryptocurrencies to benefit from the return optimism. September’s merge not only put it on the path to becoming more scalable and efficient, it also (along with other upgrades) put it on the path to becoming deflationary.
Ethereum is already there Largest layer-one blockchain in terms of total value locked, which accounts for about 57.5% of the entire DeFi sector. And now, with it becoming a proof-of-stake chain, it is potentially on course to increase its dominance even further.
Furthermore, the data shows that whales have started accumulating Ethereum again, possibly because they believe it has bottomed out and can only move higher from this point.
This suggests that now is probably the best time to buy ETH. At $1,250, just a return to its current all-time high ($4,878) would represent a 290% increase.
Presale Coin has outperformed in 2022
Of course, it may take some time to return to such former heights. Meanwhile, traders looking for quick profits may prefer to look to newer altcoins, with some of the biggest gains on offer in the cryptocurrency market this year.
For example, Lucky Block (LBLOCK) and Battle Infinity (IBAT) saw similar increases 6,000% And 3000% Compared to their initial pre-sale price of $0.00015 during the summer. Similarly, Tamadoge (TAMA) up to 1,800% After being listed for the first time in October.
While there’s no guarantee that the three pre-sale coins below will soar significantly above, each of them boasts strong fundamentals, giving them every chance of a successful listing.
Dash 2 Trade (D2T) – Presale in final stages
dash 2 business Ethereum-based trading intelligence platform that provides investors with real-time analytics and social trading data, so that they can make more informed trading decisions. It will go live in early 2023, with its D2T token being used to pay for a monthly membership fee on its platform (there are two membership levels).
Dash 2 Trade pre-sales now in their fourth and final phase Has already raised over $9.5 million, It also announced listings on Uniswap, BitMart and LBANK exchanges for early next year, meaning early investors will be able to lock in some profits soon.
Robotera (Tarot)
also running on ethereum, robot era (TARO) is a sandbox-style metaverse that will enable gamers to play as robots and participate in the creation of its virtual world. It includes NFT-based land, buildings and other in-game items, with the game also planning to link players with other metaverses and create an interoperable multi-verse.
1 TARO is currently selling for 0.020 USDT (it can be bought using USDT or ETH), however this price will increase to $0.025 in the second phase of its pre-sale. It has already raised over half a million dollars.
Calvaria (RIA)
Also in the final stages of its pre-sale, calvaria (RIA) is a blockchain-based game in which players can collect, trade, and battle NFT-based cards. In addition to offering several play-to-earn features, it enables users to play it without holding any cryptocurrency, which may make it more popular than other crypto-based titles.
The RIA will be used to purchase in-game items and place bets within its ecosystem, giving it a strong use case. The pre-sale for the token has raised $2.4 million and is currently in its fifth phase, with 1 USDT buying 30.77 RIAs.
More Read
Bitcoin Crypto Related Post
