Ethereum is the largest altcoin in the world that runs on a Proof of Stake consensus after the Merge upgrade last year. Whales and community members are optimistic about the future potential and sustainability of a decentralized based Ethereum network.
While writing this post, ETH price has broken the lower high trend and is now facing resistance around $1600 on the upper Bollinger Bands, reflecting volatility. It holds strong support at around $1200, which can be the lower range in 2023.
Though most technical indicators of ETH are bullish, we think Ethereum will take a downtrend to the level of $1200 in the next few months. We do not think it is the right time to invest for the short term. Thus, read our ETH prediction before making any investment decisions in the risky crypto market.
Even on the weekly chart, most technical indicators of Ethereum are bullish and suggest an uptrend, but it is tough to predict how long it will sustain until it crosses $2000. if the token sustains over the $2K level, then we can predict that it will be long-term bullish.
Otherwise, Ethereum will consolidate again between $2000 and $1000. On the upside, $2500 will be a resistance for the long term, and we might find profit booking at that level after a long downtrend in the last 12 months. However, crypto markets will be volatile in 2023, so you have to pick the right trend at the right time to get a higher return on investment.
If you strongly believe in the potential of Ethereum and its sustainability in the crypto industry, you can accumulate ETH for the long term. As the decentralized economy grows, the demand for ETH will rise. It is an ideal time to invest in this highly valuable asset for the long term.