A decentralized blockchain with Smart Contract functionality, Ethereum is an open-source software platform that harnesses the power of blockchain technology. The Ethereum network currently uses the Proof-of-Work consensus protocol, but it is currently transitioning to the Proof-of-Stake consensus protocol.
Its infrastructure has attracted global attention, making it the blockchain of choice for most developers and enterprises.
Ultimately, it serves as the backbone for a host of decentralized applications (dApps), especially in the field of DeFi.
Ether (ETH): What is it?
In essence, Ethereum lets you be your own bank. You can control your wallet funds without the involvement of a third party.
In the near future, ETH may become even more important when we consider staking. By staking ETH, you can help secure Ethereum and earn rewards.
In addition, you can use ETH to yield different crypto tokens on Ethereum. You can also borrow, lend, and earn interest on ETH.
ETH could see multiple use cases in the future with increased programmability.
As a result of the macroeconomic turmoil over the last few months, ETH experienced substantial bear runs since its ATH in November last year.
ETH was trading at $1,551.7 at press time, down nearly 63% [YTD], while maintaining a market share of 19%, and showing signs of accumulation in the $1,500 range.
Buyers have maintained $1,060 as a reliable rebounding ground and have set a new threshold for renewed buying pressure.
Although this year hasn’t been so good for the largest altcoin, investors still have high expectations.
Analysis of the Ethereum (ETH) price
In the last few months, ETH formed a bearish pennant on the weekly timeline as a result of the steep bear run.
After the 20 EMA broke alongside the $1,895 resistance, the buyers found resting grounds in the 1,420 area.
If the altcoin is able to rebound above this baseline in the coming weeks/months, it may reach $1,895 level.
By the end of the year, ETH buyers may be able to achieve the $2,200 target if they can break the chains of the $1,895 resistance.
Before taking a long position, investors should look for improvements in the +DI (green).
Predictions for Ethereum’s price
To simplify the latest Ethereum price prediction, we divided the prediction up into short-term Ethereum price predictions and long-term Ethereum price predictions. Ethereum has experienced an eventful 2021. The trading volume of ETH at the time of writing this article was $4,152,296,724. Over the past 30 days, Ethereum has gone up by 7.01%.
Our short-term Ethereum price prediction for February 2023 shows an average price of $6539.91 and a maximum price of $6997.70.
As a result of our long-term analysis, Ethereum price predictions for June 2023 show an average price of $7198.68, and a maximum price of $7702.59.