Ethereum Price Prediction – ETH Bounces 12% From Recent Lows, How High Can it Go? – Cryptonews
The ethereum price has risen to $1,216.65, marking a 12% increase from lows recorded on Thursday, when the FTX collapse caused a major market selloff. Its current price also represents a 2% rise in the past 24 hours, although the second-biggest cryptocurrency has fallen by 20% in the last 14 days as its ongoing upgrades struggle to counteract ongoing pessimism.
Despite the negativity of the past few months, ETH holders have plenty of reason to be optimistic. Ethereum remains the biggest layer-one blockchain in terms of total value locked in, while the positive effects of its shift to proof-of-stake have only really just begun to make themselves felt, with ETH recently becoming deflationary.
ETH’s indicators remain indecisive. Its relative strength index (purple) has risen to 40 in the past few days, up from just below 30, yet it has hovered around this level for the past week, so it’s hard to say where it could go.
ETH’s 30-day moving average (red) also remains below its 200-day average (blue), suggesting that the coin remains in a downswing. That said, the fact that both indicators are low suggests ETH is due a rebound rally sooner or later.
Of course, with the market still reeling from the FTX bankruptcy, this may be later rather than sooner. This is largely because the collapse of the second-biggest exchange in the world is still likely to have contagion effects, with crypto-based lender BlockFi reportedly preparing for bankruptcy after it paused activities and admitted “significant exposure” to FTX.
With other exchanges suffering apparent runs on withdrawals, it remains highly possible that further dominoes could fall in the coming days and weeks. This would imply further market losses, something which certainly wouldn’t spare ETH and its price.
That said, the industry is well aware of the risk of contagion, with certain players taking steps to head off such a possibility. For instance, Binance CEO Changpeng Zhao recently announced the creation of an industry recovery fund, which would serve to help platforms facing liquidity crises.
In addition, ETH remains one of the fundamentally strongest coins in the market. It famously and successfully completed a transition to a proof-of-stake consensus mechanism in mid-September, while it’s comfortably the biggest layer-one blockchain in terms of total value locked in.
ETH has also become deflationary since September’s Merge, with fewer new coins being issued and more coins being burned. This only improves the bullish case for its more distant future, with it due a big rise once the market and global economy turns a corner.
According to a variety of experts, a long-term goal for ETH is a price of around $5,154 by 2025. In the shorter term, holders may hope that it regains levels it had seen earlier this year, with the coin close to $2,000 as recently as August.
While ETH may need to wait until next year for a significant rally, newer coins offer more potential for gains in the shorter term.
This is particularly the case with newly launched coins that have their presales and then list, with initial exchange listings often providing early investors with big, above-average gains.
For example, Tamadoge (TAMA) recorded gains of 1,800% compared to its sale price in October, when it was listed on OKX. Moreover, Battle Infinity (IBAT) rose by just over 260% when it became tradable in late August, in relation to its sale price of $0.015.
While these two coins have finished their respective presales, the three tokens below are currently holding their own sales. Each of them has strong fundamentals, giving early investors the opportunity to make some substantial returns.
Based on the Ethereum blockchain, Dash 2 Trade is a trading intelligence platform where investors can access real-time analytics and social trading data, helping them to make more informed decisions. Due to launch in Q1 2023, the sale for its native D2T token has already raised more than $6.4 million, while it has also announced listings on BitMart and LBANK Exchange for early next year.
Visit Dash 2 Trade Now
Another Ethereum-based platform, RobotEra (TARO) is a Sandbox-like Metaverse that will enable gamers to play as robots and participate in the creation of its virtual world. Its alpha is due to drop by the first quarter of 2023, with its ecosystem enabling users to create their own NFT-based land, buildings, and other in-game items.
Investors can participate in its TARO presale by visiting its website, where 1 TARO is now going for 0.020 USDT (it can be bought using either USDT or ETH). This price will increase to $0.025 in the second stage of its presale, which is due to begin soon.
Visit RobotEra Now
Calvaria (RIA) is a play-to-earn video game in which players can collect, battle with and trade NFT-based cards. Under development for around a year, its alpha is due early in 2023. What sets it apart from other blockchain-based games is that users will be able to play it without having to hold any crypto, something that could make it more accessible to a wider pool of users.
In addition, its native token RIA can be used to purchase in-game items and for staking, giving it a strong use case within its ecosystem. The presale for the token has raised just over $1.8 million and is currently in its fourth stage, during which 40 RIA can be had for 1 USDT.
Visit Calvaria Now
A quick 3min read about today's crypto news!