ETH Price Prediction: Ethereum is Down 5.7%. Can It Recover Back to ATH?

Ethereum (ETH) has seen a decrease in the price of -5.70% over the past 7 days, indicating that it is currently underperforming the global cryptocurrency market, which has experienced a decline of -5.40%. Are we looking at another bearish market ahead?

Ethereum Developers Launch Shanghai Capella Testnet

Ethereum developers are about to launch the Shanghai Capella testnet. Ahead of the launch, the Consensus Layer (CL) client teams discussed the progress of testing the upgrade during an All Core Developers Consensus Call (ACDC).

#Ethereum developers have scheduled the Shanghai-Capella upgrade for February 28. This will enable #ETH withdrawals from network validators — a feature that wasn’t enabled during the network’s transition to proof-of-stake consensus.

— tip.cc (@tip_cc) February 25, 2023

One of the critical developments being tested by Ethereum’s development team is the Maximum Extracted Value (MEV) boost. This is an open-source middleware that validators can use to access a competitive block-building market. With MEV-Boost, validators can access blocks from a marketplace of builders, which allows them to maximize the value they extract from the rock. Will this help boost the market price of Ethereum?

Ethereum Price Analysis: Decline in Ethereum Prices 

Ethereum (ETH) prices took a hit in the past 24 hours, declining by 2.60% and continuing a downward trend from the past week. At the time of writing, the price of ETH stands at $1,601.01, with a 24-hour trading volume of $8,792,209,541. This represents a market capitalization of $192,854,503,577 for the cryptocurrency.

The price decline has been observed in the past 7 days as well, with ETH showing a 5.70% decrease in value. This has left investors wondering if the cryptocurrency is heading for a prolonged bearish trend or if it’s just a temporary dip.

Ethereum’s price, which reached an all-time high of $4878, has been on the decline and has dropped 67% to its current price of $1601.

Ethereum’s circulating supply is 120 million ETH, making it the second-largest cryptocurrency by market capitalization after Bitcoin (BTC). The decline in ETH’s price has also affected other altcoins in the market, with many showing a similar downward trend.

ETH Technical Analysis 

Ethereum is currently trading at around $1,600, which indicates a decline of 2.8% in its value over the past 24 hours from its previous resistance. For the past seven days, ETH has experienced a 2.1% drop in price, and over the longer term, it seems to have stabilized at around the same level as the upward trend it experienced in January. However, in the last 30 days, ETH has seen an increase in value of 3.5%.

ETH/USD Chart Analysis 

After hitting its bottom at the $1200 support level, the ETH market price shot up in a notable upward trend that saw it hit a resistance level at $1700. The price is trading above the 50-day and 200-day moving averages. The 50-day moving average is acting as its support.

After retesting the resistance level, the price of ETH is trading downward. However, the retracement seems short as the price might bounce back around the 50-day moving average.

The situation reads differently on the Relative Strength Index (RSI 14), showing a dip below the 50-level mark. Price could escalate further down if the market is unable to break upwards 

ETH Price Prediction 

ETH price has two unfolding scenarios, which establish our focus for prediction. According to the technical analysis, the 50-day moving average might support and increase the price. If this should take place, the price of ETH will rally to $1800. Furthermore, should the price continue south, our prediction will be a fall back to its previous support level at $1500.

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