Ethereum price prediction: $1,600 as strong support, but can the price go higher?

Although the price of ETH managed to break above the USD 1,600 mark, it has still fallen by about 4% over the past week. There is a slight upward movement today. So far the support seems to be quite strong. But how high can Ethereum really go with this support?

Ethereum course with unclear signals

At the beginning of the year, there was a pleasant increase in the price of Ethereum. Although this acts a little more subdued than Bitcoin, it still shows strong support. At the beginning of February, the price then made it above the 1,550 euro mark for the first time.

The Ethereum course has always been able to recover from short-term price drops. A few days ago it briefly reached the USD 1,600 mark. Investors seem to be looking to once again support the second strongest base. But how high can this increase the price?

The price today is $1,558 after a small percentage point correction. The market capitalization remains stable at a level of around USD 190 billion. If you look at this week as an overview, it can be concluded without a particularly positive or negative development.

Current crypto prices may already provide a sense of security to some investors and traders. Values ​​have been rising almost imperceptibly since the beginning of the year and that is positive. However, it can be observed that the Ethereum will repeatedly fail due to higher resistance. There must be a reason.

At the same time, the increase is not as dynamic as the increase of bitcoin so far. This rose by leaps and bounds and surpassed one important mark after another. This suggests that there is still a lot of uncertainty in retail.

The course is stagnant – these could be the reasons

This warning from traders has been seen several times over the past year. Investors seemed to no longer believe in renewed growth. The uncertain economy kept causing further difficulties for the crypto market.

About two weeks ago, the FED raised the main interest rate again by 0.5 percentage points. This led to a renewed downturn in the economy, which, however, was less pronounced than previous increases in key interest rates.

However, inflation rates can still cause the lack of increase. The latest data for January 2022 shows that inflation is falling very slowly. It seems to be stagnating at the moment. The curve formed from October has not continued until now. Here the traders definitely wanted other numbers.

43 days and $ETH price is still consolidating below the resistance.

It is not really bullish, if we go down from here, it could be difficult.

But since the #crypto Relative strength is good, despite $DXY rally and #US500 fall I think we will just chop more before higher.#ETHUSDT https://t.co/DsrgGkRipN pic.twitter.com/3R4KLCIjBM

— Degen Ape Trader (@oesnetwork) February 27, 2023

This is then reflected in the RSI, the relative strength index. This assesses whether a digital asset is in an overbought or oversold area. Currently, this value for the Ethereum coin is oscillating between 45 and 55. This means that it is close to showing bullish signals.

If the support does not rise significantly in the coming days, there is a chance that the price will fall below the USD 1,500 or USD 1,450 levels again. However, if there is further stabilization in the economic circumstances, investors could buy more ETH tokens again.

Possible increase – to be determined in the coming weeks

In summary, it can be said that the price of ETH is currently performing well, but it does not seem that a significant price increase is possible. For the value to remain firmly above the EUR 1,600 mark in the future, it is important that several factors are involved.

On the one hand, it is conceivable that investors are waiting for the new inflation data for February. If Bitcoin and Co remain stable there, the rise could be much steeper than before.

In addition, there are currently fears of a legal wave from the SEC. These seem to be interested in betting coins. They are looking closely at Binance right now. According to the authority, the offer is a securities trade. The founders of the cryptocurrency must protect themselves against this now.

If the SEC then plans to take Ethereum to court, it could mean a significant drop in price. This news could also be a reason for traders’ current caution.

Other factors that come from our own steps are the planned updates. CEO, Vitalik Buterin announced major changes to the Ethereum network a few months ago.

On the one hand, one wants to address the problem of scalability. The transactions on the blockchain should be much faster and cheaper. Additionally, pledged users should finally be able to access their rewards. The updates are currently going through several testing phases. In March of this year, however, the innovations should be completed.

If many users take their ETH tokens out of betting at the same time, the price may drop temporarily. However, if the updates go as planned and the community shows stronger support again, they could be a renewed course driver.

Ethereum Price Prediction: That’s What Experts Say

The state of the crypto market is not yet stable at the moment. Prices continue to show quick reactions to economic news. Accordingly, they like to be the subject of forecasts. So also the Ethereum, which is the most famous digital currency after the Bitcoin.

Bussinessinsider.de assumes that Ethereum could rise to old highs in the next three years. In 2025, a price of around USD 6,100 would even be possible. For this forecast, particular attention was paid to the underlying values ​​and price history of the coin.

The analysts at Changelly.com only consider values ​​between USD 3,500 and USD 4,000 to be realistic for the year 2025. Here it is assumed that the coin will move between values ​​of 2,100 and 2,380 USD this year. Compared to the current price, however, that is already a significant increase.

The forecast for the Ethereum Coin can be concluded as a whole cautiously positive. Currently, one wants more support to be able to break important marks. However, an increase is already present. It will be decided in the coming weeks which direction the course will move this year.