Ethereum Price Prediction as ETH Shoots Up 6.5% in 7 Days – How High Can it Go? – Cryptonews
ETH, the cryptocurrency that powers the Ethereum blockchain, was last changing hands around $1,275, up around 6.5% in the last seven days.
The cryptocurrency gained 6.5% alone on Wednesday as traditional risk assets like US equities rallied in the wake of a more dovish-than-expected message from the chairman of the US Federal Reserve Jerome Powell on the prospect for further rate hikes in the coming months. Price predictions have become increasingly bullish in the wake of the latest move higher.
Ethereum is trading a tad lower on the day on Thursday amid profit-taking, but has gained nearly 18% since printing a double bottom earlier this month under $1,100. Thursday saw the release of fresh US data (Core PCE Price Index) that supported the idea that inflation in the US is easing faster than expected, supporting the idea that the US central bank won’t have to be as hawkish from now on. The US dollar has been selling off as a result and US equities could easily catch a bid once again, which could create the conditions for further ETH upside.
To the upside, ETH bulls will be eyeing a test of the cryptocurrency’s 50-Day Moving Average at $1,335, 100-Day Moving Average at $1,400 and 200-Day Moving Average at $1,470. But even if Ethereum does manage to break above all of these levels in the weeks ahead amid a macro-optimism fuelled broad crypto rally, that doesn’t mean that the cryptocurrency is out of the woods.
Ethereum remains locked within a downs trend channel that has been suppressing the price action since late summer 2022. It will need to muster a decisive break above $1,500 to get above this trend channel. The cryptocurrency continues to reel from the impact of FTX’s abrupt collapse early last month and continues to hang over sentiment, so betting on a swift more than 25% rally from current levels may be a little premature.
However, if Ethereum is able to muster a break above its current downtrend, that would open the door to a test of the September highs in the $1,800 area, as well as a test of August’s peak “Merge” optimism highs in the $2,000 area. That would mark a massive 60% rally from current levels.
Ethereum developers are moving ahead with the closure of what was formerly one of the network’s most important public testnets, the Ropsten testnet. According to senior Ethereum developer Tim Beiko, “several infra(structure) providers & validators have already stopped supporting the network, and we expect the remaining ones to turn off their nodes in the coming weeks”.
The closure of the testnet has been widely expected, and will be followed in mid-2023 by the shuttering of the Rinkeby testnet. Developers building on these testnets have been migrating their projects in development to the Goerli and Sepolia testnets, both of which will continue to be used in the years ahead. Since Ethereum’s merge to a proof of stake consensus mechanism from proof of work, Ropsten and Rinkeby are no longer viewed as accurate environments for application testing and development.
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