As the crypto market continues to recover from the recent dip, Ethereum prices have been steadily climbing towards the significant threshold of $2,000 again. With the continued weakening of the US Dollar, Ethereum’s demand is expected to rise, which may further drive its price up. In this Ethereum prediction 2023 article, we will explore various trends and indicators to assess the potential trajectory of Ethereum’s price in the coming months till the end of the year. Can Ethereum reach $4,000 again?
What is happening to Ethereum Price?
Since the start of April 2023, Ethereum prices have been consolidating within a tight range of $1,850 to $1,950. Although the price has briefly breached these levels, it has quickly retracted back into the range. This type of movement is commonly referred to as a fakeout, which can lead to losses for traders with tight stop-loss triggers. A fakeout occurs when the price appears to break out of a range, triggering stop-loss orders, only to reverse and move back within the range. This can be frustrating for traders who are looking for a significant price movement, but it’s essential to remain cautious and vigilant during times of consolidation.
Is Ethereum a Good Buy?
Currently, Ethereum is traded at a 60% discount from its all-time high price of $4,890. This means that if Ethereum prices manage to recover in the future, we can expect a return of 158%. This is considered definitely a good buy for investors who belive in the future of Ethereum in the world of cryptocurrencies. This is more than double the current price, and might not happen anytime in 2023.
Ethereum Prediction 2023: Can Ethereum reach $4,000 by Year End?
For Ethereum to reach $4,000 till the end of the year 2023, it means that current prices need to more than double. This also means that Bitcoin prices should reach $60,000. As we enter the second quarter of the year, we notice a small drawback and consolidation in prices.
However, if Q3 and Q4 repeat what Q1 and Q2 did respectively, we estimate that the crypto market ends up with a yearly return of around 80% from current prices. In turn, Ethereum price might reach anywhere between $3,200 and $4,000 till the end of the year.
BEst Way to Hold Ethereum in 2023
We all thought that exchanges are decent companies that do proper due diligence and cash flow management. However, the recent events proved that any centralized company is prone to bankruptcy. That’s why the old saying of “not your keys, not your cryptos” is resurfacing back.
We recommend after purchasing your Ethereum coins to transfer them to your own offline private wallet, one such as Trezor. They are safe, secure and cheap.
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