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Ethereum Price Prediction – Can ETH Reach $2,000 Soon?

John Isige
Last updated: | 3 min read
ETH/USD daily chart
ETH/USD daily chart

The Ethereum price has bounced off support at $1,074 with a 7.4% rally in mid-week trading. The leading smart contract platform is exchanging hands at $1,167 during Wednesday’s European session. It has printed two green candlesticks and appears technically strong to close the gap to $2,000.

Investors Remain Cautious Over Possible FTX Contagion

Ethereum and Bitcoin are back in the green following weeks of selling price action. A more substantial recovery is possible but a long shot as traders remain cautious about further FTX contagion.

Crypto traders have been on the edge since the FTX crisis started in the first week of November. According to recent bankruptcy filings, the once $32 billion crypto empire has a meager $1.24 billion cash reserves. To make matters worse, the FTX Group has $3.1 billion in liabilities and slightly over 1 million creditors.

Ethereum Price Prediction: Where is ETH Heading Amid the FTX Crisis

Ethereum’s price has been treading on shaky ground after the FTX drainer moved funds stolen from FTX in ETH. The hacker started by consolidating the funds into a single wallet before swapping over $72 million from ETH to BTC via the renBTC Gateway. This platform allows Bitcoin to be used on the Ethereum blockchain. If this selling continues, overhead pressure will stifle the recovery.

The daily time frame chart brings to light a buy signal presented by the TD Sequential indicator. This is reflected by the red nine candlestick, implying that sellers are exhausted and it’s time for buyers to take control

ETH/USD daily chart
ETH/USD daily chart

If Ethereum sustains its bullish price action in the current and subsequent daily session, the Moving Average Convergence Divergence (MACD) indicator will send another buy signal to cement the bulls’ return to the market.

However, traders must wait for the 12-day Exponential Moving Average (EMA) (in blue) to cross above the 26-day EMA (in brown) before triggering larger buy orders. Movement of the MACD into the positive region (above the mean line at 0.00) will be another cue for a sustainable recovery.

Ethereum price looks forward to a 61.8% rebound north of the primary support at $1,074. Traders can start booking profits at the 23.6% Fibonacci level, as highlighted around $1,298, and at the 100-day EMA (in blue), currently holding at $1,427.

The presence of many sellers between $1,199 and $1,232 may put brakes on the move to $2,000. Insight from IntoTheBlock’s IOMAP model reveals that 1.45 million addresses previously purchased 8.33 million ETH in that range. As the crypto recovers, some investors could close their positions at their respective breakeven points, resulting in increased overhead pressure. 

Ethereum IOMAP model
Ethereum IOMAP model

Promising Presales to Consider for Portfolio Diversification

The FTX contagion means that it may take some time for markets to fully recover. That’s why many investors have started looking at presales for shorter term profits. 

Listed below are some of the projects with the biggest potential giving investors the opportunity to get involved early on.

Dash 2 Trade (D2T)

Dash 2 Trade is a new cryptocurrency project, providing investors with world-class crypto analytics that make navigating the market easier. With these analytics, traders can build and test strategies on a simplified platform. 

Dash 2 Trade uses real-time data and on-chain analytics to provide trading signals with accurate buy/sell opportunities for users of all experience levels.

D2T tokens are currently selling for 0.0513 USDT, but this will rise to 0.0533 USDT in the next stage of the sale.

Visit Dash 2 Trade Presale Now

RobotEra (TARO)

Also based on Ethereum, RobotEra (TARO) is a Sandbox-style Metaverse in which gamers can play as robots and participate in the creation of its virtual world. Its alpha will launch in Q1 2023, with its ecosystem enabling users to create their own NFT-based land, buildings, and other in-game items.

1 TARO is currently selling for 0.020 USDT (it can be bought using either USDT or ETH), although this price will rise to $0.025 in the second stage of its presale, which is due to begin soon.

Visit RobotEra Now

Calvaria (RIA)

Calvaria (RIA) is a blockchain-based card-trading game, in which players can also do battle with their NFT-based cards and earn rewards. Promisingly, it enables gamers to play it without holding any cryptocurrency, which could help make it more popular than other crypto-based titles.

RIA will be used within its ecosystem for purchasing in-game items and for staking, giving it a strong use case. The presale for the token has raised $1.9 million and is currently in its fourth stage, during which 40 RIA can be bought with 1 USDT.

Visit Calvaria Now