Ethereum Price Prediction – Can ETH Reach $3,000 by 2023?
The Ethereum price has fallen by 2% in the past 24 hours, dropping to $1,249 amid a similar fall for the cryptocurrency market as a whole. Its current price represents a 2.5% decline in a week and a 3.5% decrease in the last 30 days, as wider macroeconomic pressures and continued negative sentiment continue to squeeze prices downwards.
On the positive side, it’s arguable that the ongoing falls have only put ETH on sale at an even bigger discount than it already was, with the biggest altcoin in the market remaining decidedly oversold. And given that Ethereum continues to expand and evolve as a layer-one blockchain, ETH is due for a big surge once the market returns to more bullish conditions.
Ethereum Price Prediction – Can ETH Reach $3,000 by 2023?
ETH chart shows that, from a purely technical perspective, it’s due a rally. Its relative strength index (purple) dropped just below 30 in early November and has steadily begun rising upwards again, although it has stalled around 50 in the past few days.
At the same time, ETH’s 30-day moving average (red) has stood below its 200-day average (blue) for the entire year, meaning it really is about time that there was a swing towards more positive price action.
Of course, the wider market remains in a mostly subdued and negative state, with its total cap down by 21% since November 5, around the time the FTX crisis (and subsequent collapse) began.
And things aren’t likely to improve drastically in the short term, with the Federal Reserve expected to introduce yet another interest rate hike on Wednesday. However, US inflation data is also expected tomorrow, and there’s a hope it will show that the rate of inflation has begun to slow.
This doesn’t mean it will return to a normal level, but it may at least signal the slow turning of the tide, preparing the ground for more substantial improvements next year.
Assuming such improvements, ETH is in a better position than most cryptocurrencies to benefit from returning optimism. Not only did September’s Merge put it on the path to becoming more scalable and efficient, but it has also (along with other upgrades) put it on the path to becoming deflationary.
Since the #Ethereum Merge, the total net coin issuance has been just +2,317 $ETH.— glassnode (@glassnode) November 30, 2022
A total of 131,454 $ETH has been issued to PoS validators, whilst 129,137 $ETH has been burned via EIP1559.
Live Dashboard: https://t.co/1ANqoz3YOs pic.twitter.com/GuHnySWyuv
Ethereum is already the biggest layer-one blockchain in terms of total value locked in, accounting for around 57.5% of the entire DeFi sector. And now, with it becoming a proof-of-stake chain, it’s potentially on the road towards increasing its dominance even further.
Also, data reveals that whales have begun accumulating Ethereum again, possibly because they believe it has hit bottom and can only rise again from this point forwards.
This suggests that now is probably the best time there’s been in a while to buy ETH. At $1,250, simply returning to its current all-time high (of $4,878) would imply an increase of 290%.
Presale Coins Have Outperformed in 2022
Of course, it may take some time for such a return to former heights to occur. In the meantime, traders looking for quicker gains may prefer to look towards newer altcoins, with presales offering some of the biggest gains the cryptocurrency market has seen this year.
For example, Lucky Block (LBLOCK) and Battle Infinity (IBAT) witnessed increases as high as 6,000% and 3000% during the summer, compared to their initial presale prices of $0.00015. Likewise, Tamadoge (TAMA) rose by as much as 1,800% after listing for the first time in October.
While there’s no guarantee that the three presale coins below will rise quite as high the above, they each boast strong fundamentals, giving them every chance of having successful listings.
Dash 2 Trade (D2T) – Presale in the final stage
Dash 2 Trade is an Ethereum-based trading intelligence platform that offers investors real-time analytics and social trading data so that they can make more informed trading decisions. It will go live in early 2023, with its D2T token being used to pay for the monthly subscription fees to its platform (there are two subscription tiers).
Now in its fourth and final stage, Dash 2 Trade’s presale has already raised more than $9.5 million. It has also announced listings on Uniswap, BitMart and LBANK Exchange for early next year, meaning that early investors will soon be able to lock in some profits.
Also running on Ethereum, RobotEra (TARO) is a Sandbox-style Metaverse that will enable gamers to play as robots and participate in the creation of its virtual world. This includes NFT-based land, buildings, and other in-game items, with the game also planning to let players link up with other metaverses and create an interoperable multi-verse.
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. It has already raised over half a million dollars.
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Also in the final stage of its presale, Calvaria (RIA) is a blockchain-based game in which players can collect, trade and do battle with NFT-based cards. In addition to offering numerous play-to-earn features, it will also enable users to play it without holding any cryptocurrency, something which could 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 $2.4 million and is currently in its fifth stage, with 1 USDT buying 30.77 RIA.
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