Ethereum Price Prediction – Can ETH Reach $3,000 by 2023?
The ethereum price has fallen by 2% in the past 24 hours, dropping to $1,249 amid a similar fall for the cryptocurrency market as a whole. Its current price represents a 2.5% decline in a week and a 3.5% decrease in the last 30 days, as wider macroeconomic pressures and continued negative sentiment continue to squeeze prices downwards.
On the positive side, it's arguable that the ongoing falls have only put ETH on sale at an even bigger discount than it already was, with the biggest altocin in the market remaining decidedly oversold. And given that Ethereum continues to expand and evolve as a layer-one blockchain, ETH is due for a big surge once the market returns to more bullish conditions.
ETH chart shows that, from a purely technical perspective, it's due a rally. Its relative strength index (purple) dropped just below 30 in early November, and has steadily begun rising upwards again, although it has stalled around 50 in the past few days.
At the same time, ETH's 30-day moving average (red) has stood below its 200-day average (blue) for the entire year, meaning it really is about time that there was a swing towards more positive price action.
Of course, the wider market remains in a mostly subdued and negative state, with its total cap down by 21% since November 5, around the time the FTX crisis (and subsequent collapse) began.
And things aren't likely to improve drastically in the short-term, with the Federal Reserve expected to introduce yet another interest rate hike on Wednesday. However, US inflation data is also expected tomorrow, and there's a hope it will show that the rate of inflation has begun to slow.
This doesn't mean it will return to a normal level, but it may at least signal the slow turning of the tide,
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