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Ethereum Price Prediction – Can ETH Hit $10,000 in the Next Bull Market?

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Ethereum Price Prediction – Can ETH Hit $10,000 in the Next Bull Market

(CTN News) – Since its collapse to $879 in June, Ethereum (ETH) has struggled to rebound in the bear market of 2022, making several futile efforts to achieve highs over $2,000.

However, the present bullish green candle would suggest that Ethereum is receiving support from the triangular pattern described in Wednesday’s post.

As investors decide which cryptocurrencies to add to 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 flat trajectory for 2023, while the most positive analysts want to see the price of Ethereum rise over $4,000 by the end of the year.

Ethereum Price Prediction: $10,000 ETH Incoming?

With the advent of smart contracts in 2015, the famous blockchain platform Ethereum transformed the cryptocurrency industry.

The usefulness 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 scale of its platform, and the number of individuals who utilize it to build their 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 much-awaited Shanghai update will include methods to lower gas prices and facilitate scalability using sharding technology.

Additionally, according to Etherscan, Ethereum achieved more than 200 million unique addresses last week.

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

Last week, a Bloomberg expert forecasted that ETH will surpass BTC in 2023 because of its fundamentals.

What Would Take Ethereum Price to Hit $10,000?

In its attempts to break away from the dominating negative trend that has remained throughout 2022, the price of ethereum has been fighting a difficult uphill struggle.

According to several observers, it is difficult for cryptocurrency to reach $10,000 in the next 12 months. However, it’s crucial to keep in mind that everything is possible in the realm of cryptocurrencies.

The 50-day Exponential Moving Average and the $1,200 level are the current targets for Ethereum’s ascent.

Ether has lost more than 75% of its value since reaching an all-time high of $4,878 in November 2021. Therefore, it would take a positive increase of almost 700% to reach the $10,000 level.

While it may seem implausible, it’s important to remember that Ethereum has already seen numerous rises of more than 700%. For instance, Ethereum increased from around $80 to $4,800 in the most recent cycle.

It is impossible to forecast if Ethereum will be able to climb despite the odds and reach $10,000 since the macroeconomic environment now and the characteristics of the cryptocurrency industry are different from those of 2021 and 2017.

However, Ethereum’s big forthcoming updates might significantly increase the network’s capacity and scalability.

If these improvements are successful, ETH may regain substantial bullish momentum and reach $10,000 and beyond in the next years.

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