The month of April 2023 was a crucial time for the cryptocurrency market. April 2023 marked a consolidation phase for many digital assets. Cryptocurrencies had seen a tremendous increase in prices since the beginning of the year, and April came to cool off the buying frenzy. Although some investors may have been disappointed with the lack of significant movement in the market, it is essential to note that this month can be considered as a preparation for the higher prices that are likely to come. In particular, Ethereum prices consolidated in April and barely moved, which may be a sign that the digital asset is gearing up for a significant price surge. How will Ethereum perform in May 2023? Let’s analyze in this Ethereum price prediction article.
How did Ethereum Perform in April 2023?
Ethereum started the month of April 2023 with a price of around $1,850, and it has been a relatively stable month for the cryptocurrency. As we close the month of April and enter May 2023, Ethereum is currently hovering around a price of $1,910, which represents a slight increase of around 3% since the beginning of the month. This increase may not seem significant, but it is crucial to consider that the cryptocurrency market has been consolidating in recent times.
Cryptos are up for a BIG UPTREND?
The US government has continued to print an overwhelming amount of US dollars, which has resulted in massive inflation in the country. This has caused investors to look for alternative options, including real estate, assets, and even cryptocurrencies. Holding cryptocurrencies in the face of inflation can be the quickest way to hedge against the devaluation of the US dollar that is to come. In particular, Ethereum, being the second biggest crypto and the biggest smart contract platform, has been gaining a lot of attention from investors. Its price is expected to increase significantly as more people recognize its potential as a store of value and a hedge against inflation. With Ethereum’s robust network and growing adoption, it is likely to become an even more attractive investment in the future.
Ethereum Price Prediction: How High can Ethereum reach in May 2023?
In a previous Ethereum price prediction article, we spoke about how ETH prices reached a strong support. We also discussed how there will be 2 case scenarios in how ETH would proceed. Ethereum would either rebound higher or breach the resistance of $1,850 and drop towards the next support price of $1,600.
The first scenario is what happened, as Ethereum prices recovered and reached higher than the $1,900 price mark. If the crypto market continues to slightly go up, Ethereum can easily reach the previous year-high of $2,115 and even breach it higher.
