ETH Price Prediction: Today’s Ehereum Price, 1st Jan 2023

Ethereum (ETH) has had a difficult time recovering in the 2022 bear market, with repeated failed attempts to reach highs above $2,000 since its June collapse to $879. The present bullish green candle, however, would suggest that Ethereum is receiving support from the triangular pattern described in Wednesday’s post.

As investors decide which cryptocurrencies to add in their portfolios for 2023, Ethereum is now trading at $1,197. More buyers may enter the market if the price rises over the 50-day Exponential Moving Average (EMA), which is now at $1,255.

For the time being, Ethereum’s price must demonstrate to investors that it can withstand drops to $1,100 and $1,000 while holding above immediate resistance at $1,200. Some analysts expect a sideways trajectory for 2023, while the most positive analysts hope to see the price of Ethereum rise above $4,000 by the end of the year.

Today’s Ethereum Price

Ethereum Price Prediction

Ethereum is a well-known blockchain platform that, with the introduction of smart contracts in 2015, transformed the cryptocurrency sector.

The utility of the second-largest cryptocurrency is still increasing dramatically, particularly with the switch to a proof-of-stake (PoS) consensus algorithm. Ethereum’s worth may be related to the issues it resolves, claims Kiana Danial, author of Cryptocurrency Investing For Dummies.

Because of the issue it resolves, the size of its platform, and the amount of people who utilize it to build their own programs, Ethereum is valuable.

The size of the Ethereum ecosystem is tough to comprehend until you realize that the blockchain platform is home to over 44 million smart contracts.

In Q1 2023, the eagerly awaited Shanghai update will include methods to lower gas prices and facilitate scaling using sharding technology.

Additionally, according to sources, Ethereum this week achieved more than 200 million unique addresses.

The data above demonstrates the Ethereum platform’s value and supports the possibility of a $10,000 price increase.

In fact, a Bloomberg expert just just last week forecasted that ETH would outperform BTC in 2023 because of its fundamentals.

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