Ethereum Price Prediction as ETH Spikes Up Above $1,600 – Here's Where ETH is Headed Next
The ethereum price has risen by 0.5% in the past 24 hours, reaching $1,642 as the cryptocurrency market claws back some of its losses from the past couple of days. Its current price equals a 4.5% gain in the past week and a 30% surge in the last 30 days, with the altcoin almost keeping pace with bitcoin's increases in the past month.
Yet Ethereum can point to the kind of adoption news that Bitcoin supporters can arguably only dream of, with Visa revealing yesterday that it's trialing stablecoin payments on the Ethereum blockchain. Given that Ethereum is already the biggest layer-one network by some margin, this is the kind of announcement that points to just how dominant it could become in the future.
ETH's chart is in a sensitive position right now. Its 30-day moving average (red) began rising above its 200-day average (blue) earlier in the month, and may continue rising for several more days or weeks, implying further gains.
On the other hand, given that the global economy and global markets haven't fully recovered after 2022's downturn, the position of ETH's 30-day average could mark the peak of its recent rally. This fear is supported by the coin's relative strength index (purple), which has sunk to around 60 after rising above 85 in the middle of January.
The key resistant level to watch out for here is $1,700. ETH tested this ceiling at the beginning of February and fell back down to around $1,620 in the following days, but if it can break through and stay there, it could certainly continue rising.
As noted above, there are plenty of reasons to be optimistic about Ethereum on a fundamental level. Most recently, yesterday saw payment giant Visa announce that it's testing USDC stablecoin payments on the Ethereum
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