Ethereum price is printing a bullish green candle after bouncing off a triangle support, as analyzed on Wednesday. The largest smart contracts platform has had a difficult time navigating the 2022 bear market run. All attempts to revisit highs above $2,000 have not seen the light of day since ETH dropped to $879 in June.
As investors deliberate which assets will make it into their crypto portfolios in 2023, Ethereum price exchanges hands at $1,197. Stepping above the 50-day Exponential Moving Average (EMA) (in red at $1,255) might call sidelined buyers into the market.
For now, Ethereum price must prove to investors that it can hold above immediate resistance at $1,200 and keep off declines to $1,100 and $1,000, in that order. Analysts seem to be having conflicting predictions for 2023, with some forecasting a sideways trend. The most bullish would like to see Ethereum price above $4,000 by the end of 2022.
Ethereum Price Prediction: $10,000 ETH Incoming?
Ethereum is a renowned blockchain platform that has revolutionized the cryptocurrency space, with the introduction of smart contracts since its inception in 2015. Smart contracts enabled developers to offer blockchain as a service (baas), build decentralized applications and bring NFTs to life.
The second-largest cryptocurrency’s utility continues to grow exponentially, especially with the transition to a proof-of-stake (PoS) consensus mechanism. According to the author of “Cryptocurrency Investing For Dummies”, Kiana Danial, Ethereum’s value could be attributed to the problems it solves.
“Ethereum is valuable because of the problem that it solves, because of the size of its platform, and the number of people who use it to create their own apps.”
It is difficult to visualize how vast the Ethereum ecosystem is until you learn that the blockchain platform holds over 44 million smart contracts. The founder of Electric Capital, Emre, says that 70% of the approximately 15 million active contracts were built as duplicates of one of 15 main templates.
About 22 million contracts have been destroyed over the years to preserve gas. However, with Ethereum becoming a PoS platform, gas would be a non-issue in the future. The anticipated Shanghai upgrade in Q1 2023 will introduce mechanisms to bring down gas fees and support scaling through the sharding technology.
Over a million smart contracts have been deployed toward the sale of NFTs. ERC-20 contracts were not tallied together with the 44 million contracts due to their many variances, but there are about 400,000 of them.
Ethereum reached more than 202 million unique addresses this week, according to Etherscan. Transactions on the blockchain often average around 1.2 million per day, with occasional spikes.
The stats above show how valuable the Ethereum platform is and affirm the potential for a spike to $10,000. It is without a doubt that ETH’s position in the cryptocurrency market is unmatched.
In 2021, Goldman Sachs, a leading investment bank in the United States, predicted Ethereum could overtake Bitcoin (BTC) to become the world’s most dominant cryptocurrency in the coming years.
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,” Goldman Sachs said at the time.
According to the bank, Bitcoin has the brand and recognition, but lacks when it comes to real use cases that make Ether tick. Moreover, the slow transaction speeds Bitcoin is known for could make it less competitive in the future.
What Would Take Ethereum Price to Hit $10,000?
Ethereum price faces a steep hill that must be climbed to free itself from dominant bear shackles since the 2021 bull market. A move to $10,000 in 12 months seems to be next to impossible, but then, anything is possible in the cryptocurrency industry.
At the moment, Ethereum price looks forward to lifting above $1,200 and subsequently, the 50-day EMA. Besides, Ether is down more than 75% from its all-time high of $4,878 in November 2021. In other words, a 700% bullish move would be required to propel Ethereum to $10,000.
If you noticed the careful choice of words, next to impossible is not impossible. Remember, ETH has in the past, posted gains a lot more than 700%. In 2017, Ethereum price exploded by more than 9,300%, while in 2016 the token delivered 784% in gains.
The current macro conditions coupled with the dynamics of the crypto environment are nothing similar to those in 2021 and definitely in 2017. However, lets consider the possibility of Ethereum price rising 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 the influx of funds into cryptocurrencies and their related products increase, we could begin to see sustainable uptrends not only for Ether, but in other crypto assets.
The United States will need to avoid an economic recession at best in 2023 to contribute to the return of investor confidence. Since this won’t be enough, perhaps not even a close shot, the US must control inflation going into the New Year.
Stakeholders in the cryptocurrency market will need to do their part by encouraging growth to build an environment where Ethereum price can spike. The Shanghai upgrade in Q1 2023 may be the beginning of a trend reversal, now that investors will for the first time access the staked ETH.
The next big step for Ethereum will be the transition to sharding, which developers hope will drastically improve the network’s scalability and capacity. Sharding will also make Ethereum more competitive, with a massive slash in transaction fees.
Key Takeaways
Other Altcoins to Consider
Crypto markets are generally in a downtrend, as they have been for the most part of 2022. Following the implosion of FTX exchange – it may take longer for the market to turn around. Investors are probably deliberating diversifying their crypto portfolios. Listed here are some altcoins coming into the market with a fresh outlook. With their presales offering early bird access, they may be the key to recoup losses suffered during the crypto winter.
FightOut (FGHT)
A relative new cryptocurrency project working toward bridging the gap between physical and Web3 words in the fitness industry. FightOut is bringing a new perspective to Move-to-Earn (M2E) platforms to allow everyone to benefit and live a healthy lifestyle using personalized 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 costly 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 within a community of likeminded people. Rewards will be given for all completed workouts and challenges.
With a simple digital avatar, users will have access to the metaverse using the provided Web3 tools like NFTs. The ultimate goal is to bring the vast Web2 audience to the M2E space and the metaverse.
FightOut’s FGHT tokens are selling for 60.06 per 1 USDT and interested investors are encouraged to move fast before tokens are all scooped up. The presale has raised $2.44 million so far. FightOut’s ecosystem is powered by the FGHT token.
Visit FightOut Now.
Dash 2 Trade (D2T)
Investors interested in a promising cryptocurrency project providing the everyday traders with accurate analytics and signals may consider Dash 2 Trade. 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 backed by Learn2Trade, a renowned investment ecosystem that has over the years helped thousands of people to become successful traders. A social trading dashboard allows users to copy winning trading signals and strategies.
Investors interested in presale tokens would find a home at Dash 2 Trade since 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 presales.
D2T is the token powering Dash 2 Trade’s ecosystem. Its presale is almost on the finish line, having raised $11.31 million. Investors are buying 1 D2T token for $0.0533 ahead the first CEX listing on January 11.
Visit Dash 2 Trade Now.
C+Charge (CCHG)
The current electric vehicle (EV) charging system is inadequate maid issues such as lack of standardization. On the other hand, the carbon credits industry, which is projected to be worth $2.44 trillion by 2027 is dominated by big corporations like Tesla, locking out individuals who drive EVs.
However, C+Charge hopes to drastically change the narrative by building a blockchain-based Peer-to-Peer (P2P) payment system for EV charging stations that will allow the drivers of electric vehicles (EVs) to earn carbon credits.
Users on C+Charge will be able to pay to charge their vehicles with CCHG, the token powering the ecosystem and earn carbon credits – stored in an app. C+Charge presale launched recently with $37k raised so far. Investors can buy 1 CCHG for 0.013 USDT, but the price will soon shoot to $0.0165 USDT.
Visit C+Charge Now.
Related Articles
Credit: Source link
