Ethereum Price Prediction 2023: Can ETH Rebound to $2,000 Now?

The first month of the new year has also been excellent for Ethereum investors so far. The most valuable altcoin by market cap rose as high as $1,680 last Saturday. Ethereum is currently stable above the $1,600 mark.

So what to expect next Ethereum price? Is there a small recovery period before Ethereum rises towards $2,000 with the next bullish move? Or is it now time to take profits as a correction is imminent?

Kryptoszene.de uses the charts to analyze the situations that Ethereum buyers should be prepared for now. In addition, see the latest forecasts for the other Ethereum 2023 price trend.

Ethereum is now more valuable than Walt Disney

For the current year, the price of Ethereum is currently up more than 35 percent, as data from coincodex.com shows. With this, Ethereum has achieved a huge increase in its market capitalization and is currently worth almost $200 billion.

If you compare Ethereum with the most valuable listed companies in the world, the top altcoin would take a respectable place among the top 50 companies at the moment. Ethereum is on a par with well-known companies such as the entertainment group Walt Disney, the fast food supplier McDonald’s or the oil giant Shell.

20 percent market share for Ethereum

With the strong rally of the last few weeks, Ethereum has also consolidated its status as the undisputed number 2 behind the leading currency Bitcoin on the crypto market. Ethereum currently has a market share of almost 20 percent of the total market, while Bitcoin accounts for a good 44 percent. The distance to the growers is great. Excluding the stablecoins, Binance Coin is number three with a market cap of around $49 billion. That’s only about a quarter of the value of Ethereum. Accordingly, BNB only achieves a market share of about 5 percent of the total market. The other coins in the ranking have correspondingly fewer shares.

Bitcoin trending up stronger than Ethereum

However, despite Ethereum’s impressive numbers, coincodex.com data also shows that Ethereum is slightly behind Bitcoin in its current trend. The BTC/USD rate has risen by more than 38 percent since the beginning of the year. Some top altcoins are currently outperforming Ethereum as well.

Cardano, for example, should be mentioned here. The ADA/USD rate has risen more than 52 percent in 26 days. And the Solana course achieves growth of almost 150 percent among the highest bases. However, during the fall of the crypto exchange FTX, SOL also saw a much stronger fall than ETH.

On the other hand, Ethereum currently has clear stronger trends than Binance Coin (+23 percent in 2023), XRP (+20 percent) and DOGE (+23 percent).

Ethereum 67 percent below the maximum price

However, with its current price of a good $1,600, Ethereum is still far from the all-time high prices of 2021. ETH peaked in November, the high stage of the bull market, the best prices of around $4,870. Currently, however, the price is still more than 67 percent below this level. So it seems there is still room for improvement here.

On the other hand, the data also shows that the price of Ethereum saw a low of $880 in June 2022. Ethereum is now far from these lows and the price is almost twice as high. Currently, growth from the low is more than 82 percent.

Strong profits for Ethereum buyers

All investors who used the dip to buy Ethereum should already be looking forward to strong returns. By buying and holding Ethereum, a maximum return of $800 could be achieved with an investment of $1,000 in the last seven months.

Of course, experienced traders trading on crypto exchanges can profit much more from such declines. Ideally, a profit of $8,000 could be achieved with 10X leverage from the mentioned $1,000.

However, even for experienced analysts, it is almost impossible to find the bottom line for the best time to enter. In addition, trading in the highly volatile crypto market involves a high risk of loss. That is why such a strategy is only an option for experienced traders. All the others also did very well with the buy and hold strategy.

The Ethereum chart pattern may take over $4,000

But does the rally continue? Technical chart analysis of the daily candles indicates that Ethereum may form a bullish double bottom pattern. Because the low point from November was well above the low point from June 2022. To do this, however, the Ethereum price needs to break the next point through the high point between the two low points at about $ 2,030 and declare it as support.

However, this calls for a further rally of more than $400 or about 25 percent. If this rise is successful, the technical price target could catapult Ethereum as high as $4,700. This would be an increase of around 194 percent from the current level. However, there is a long way to go.

Ethereum is overbought

In the short term, however, a correction could be made first. Unlike Bitcoin, Ethereum failed to make a higher high yesterday. In addition, the Relative Strength Index shows that Ethereum is currently in an overbought zone, making a minor correction at the very least likely.

However, analysts are partially bullish for Ethereum price for the whole year 2023. Digital Coin Price price forecast estimates that ETH/USD can rise to $3,525 this year. That would be well above current doubling levels and could make Ethereum worth buying.

The financial blog changelly.com expects a rally to just below $2,800 in 2023. Coin Price Forecast is much more cautious here and does not assume that Ethereum will see even higher prices this year. The forecast from Wallet Investor, on the other hand, is really gloomy, which sees a correction to new lows of $ 700 for ETH / USD.

New gaming project Meta Masters Guild (MEMAG)

Are you still looking for a promising investment for 2023? Then it might be worth looking at the new cryptocurrency MEMAG from the Meta Masters Guild gaming project. Future game developments should include modern features such as play tokens with earnings and unmixed tokens. MEMAG can currently be purchased on favorable conditions in the pre-sale.

Cryptocurrencies are a highly volatile, unregulated investment product. Your capital is at risk.