Ethereum Price Prediction As $10 Billion Trading Volume Comes In – Could $ETH Reach $2000 Soon?
The Ethereum price has fallen to $1,552 today, representing a 5% drop in the last 24 hours and a 6% loss in a week. The decline comes amid a market-wide selloff, prompted by Kraken paying a $30 million settlement to the SEC and agreeing to end all betting services for US-based clients.
Despite this blow to the market, Ethereum remains a strong prospect for investors, with the altcoin currently witnessing a 24-hour trading volume of over $10 billion. And with Visa recently saying they are testing stablecoin payments on the Ethereum blockchain, there are plenty of reasons to suspect that ETH will recover.
Ethereum Price Prediction As $10 Billion Trading Volume Comes In – Could $ETH Reach $2000 Soon?
Based solely on indicators, ETH is in position for further losses at the moment. Its 30-day moving average (red) appears to have increased relative to the 200-day (blue), so it should, along with the price, be due for a fall.
In addition, ETH’s relative strength index (purple) has fallen to just below 50, and may continue to fall. As such, it really looks like further losses could be in store for the altcoin this weekend.
Until yesterday, ETH had been protected by a support level around $1,600. However, yesterday’s news seems to have produced the kind of negative events that force an asset to fall through such a level.
And it could fall further, given how much ETH, which is now a proof-of-stake cryptocurrency, depends on stake. In fact, it’s worth noting that despite the market falling as a whole, ETH has fallen further in the last 24 hours than Bitcoin, which is down 3.5% in the last 24 hours.
Aside from this negativity, members of the cryptocurrency community have already argued that the SEC’s charges against Kraken, and Kraken’s settlement, do not necessarily mean the end of its efforts in the United States.
For example, Coinbase has already insisted that it will not end its own staking services and that it is prepared to fight the US securities regulator on this issue.
This gives much hope for the continuation of efforts in the US, while obviously the rest of the world remains unaffected by the SEC’s latest takeover.
And looking at Ethereum, its strong fundamentals give many reasons to suspect that it will rise again soon. For example, the past week brought the news that payments giant Visa is testing USDC stablecoin payments on the Ethereum blockchain.
This is very positive for Ethereum, and Visa’s growing involvement with the platform could help it reinforce its dominant position with the cryptocurrency ecosystem. In fact, some analysts believe that ETH will surpass Bitcoin this year, with Bloomberg’s Mike McGlone being the most notable example.
There are various reasons for this optimism. First, the merger not only set Ethereum on course to become more scalable, but along with other upgrades (eg EIP 1559) it has also given ETH a tendency to become deflationary during periods of high activity.
With all this in mind, there is still a very high chance that ETH will not only recover to $1600, but will start to trouble other levels soon enough. This includes $2,000, which is a realistic target for this year, while other levels may be achievable if the market manages to recover generally, without negative news.
Buy Ethereum now
Is now a good time to buy Ethereum?
Despite ETH’s strong fundamentals and long-term potential, it may not be a good idea to buy it right now, given the fallout from Kraken’s settlement with the SEC yesterday. However, there are a number of other high-potential altcoins that promise short-term as well as long-term gains.
As such, we have listed the top 15 cryptocurrencies for 2023, analyzed by CryptoNews Industry Talk team.
The list is updated weekly with new altcoins and ICO projects, so be sure to check back for new entries.
Disclaimer: The Industry Talk section contains insights from crypto industry players and is not part of the editorial content of Cryptonews.com.
