In line with the 2% rise in the cryptocurrency market the day before, the price of Ethereum rose to $1,657. The currency’s current price shows that it has been unchanged over the past week and has increased by 6% over the past 14 days, just about regaining its $200 billion market value today.
Despite ETH’s 38.6% gain since the beginning of 2023, it is still a token that is wildly undervalued. Additionally, it may see very substantial growth later in the year as a result of Coinbase’s recent announcement of a layer-two sidechain for Ethereum.
Today’s Ethereum Price
According to ETH’s indicators, which are currently in a mixed position, the currency is equally capable of experiencing larger increases or losses in the near future. As an example, its relative strength index (purple) has resumed rising after dropping to 50 in the previous few days, signalling a resumption of momentum.
Ethereum Price Prediction
However, when compared to its 200-day average, ETH’s 30-day moving average (red) has levelled off (blue). Furthermore, ETH may soon experience significant declines given how much higher it is than the longer average.
However, any drops may only be slight given that ETH has done a fantastic job of maintaining its $1,600 support level. Therefore, ETH’s medium- and long-term outlooks point to growth despite the chance of another short-term decline.
ethereum price prediction 2023
The fundamentals of ETH are still so strong, in fact, that long-term growth is unavoidable. This was once again highlighted by Coinbase’s recent statement that Base, a layer-two sidechain for Ethereum, will be released.
ethereum price prediction 2040
It is significant that Base by Coinbase, which seeks to “onboard 1B+ consumers into the crypto market,” has launched. Its new initiative will increase Ethereum’s adoption and usage, even if it only manages to win over a tiny percentage of these users.