Ethereum Price Prediction – Can ETH Overturn Bitcoin in 2023?
ETH, the native cryptocurrency that powers the Ethereum blockchain, continues to suffer from heightened selling pressure from the post-hawk Fed meeting. ETH, otherwise known as Ether, was last down over 5.0% on Friday, after breaking out to new monthly lows below its 21-day moving average (DMA) earlier in the session. ETH/USD looks set to break below $1200, which could trigger the next stage of selling towards the end of November in the $1150 area.
Price Prediction – Where next for ETH?
Ether’s recent decline and fall below the 21DMA, which had served as a key source of short-term support in recent weeks, suggests that the positive momentum that lifted ETH as high as $1,350 from November’s sub-$1,100 lows has now been interrupted. Ether bears note that the cryptocurrency remains locked within the confines of a long-term bearish trend that has been in play since August.
With Fed Chairman Jerome Powell’s hawkish tone at Wednesday’s meeting seemingly taking away the prospect of a year-end “santa rally” and with ETH’s technical picture seemingly taking a significant turn for the worse, a retest of November’s double bottom at $1,070 the area seems much more likely that a rebound towards $1500.
Could a DeFi Summer 2.0 trigger a bounce in Ether?
In their latest DeFi Ecosystem Landscape Report, analysts at Hashkey Capital claim that the outlook for the DeFi space for 2023 is strong. “Many DeFi applications are now easier to use than home banking applications, paving the way for more users in 2023,” analysts state, adding that “the general public is also gaining a better awareness of digital wallets as a result of major social media companies integrating them.” Analysts point to the examples of Reddit, Instagram and Twitter, all of which are making moves to add crypto-based services to their platforms.
Hashkey continues that 2023 could see DeFi applications unlock billions in liquidity from the fast-growing non-fungible tokens (NFT) market. The analysts continue that “ETH and Ethereum-based assets and L2-based are the main assets used in DeFi” and that “DeFi protocols are one of the largest users and fee payers in the Ethereum chain”.
As a result, they explain that if 2023 is a good year for DeFi, it will likely also be a good year for the price of Ether. “More DeFi activity will increase demand for Ether, and it will also burn more Ether (EIP1559),” Hashkey analysts note. “More Ether burns will result in more Ether scarcity and deflation… this will lead to higher Ether prices, which will lead to more DeFi activity, and so on and so forth,” they add.
Can Ethereum Turn 2023?
One of the biggest dreams of ethereum supporters and biggest nightmare of the bitcoin maximalist group is that ethereum, currently the world’s second-largest cryptocurrency by market capitalization, could “turn” bitcoin, the world’s largest cryptocurrency by market capitalization, in the coming years. The concept of “Flip” refers to Ethereum’s market cap surpassing bitcoins.
Ethereum currently has a market cap of just under $148 billion versus bitcoin’s market cap of around $326 billion. In other words, the total value of all BTC tokens in circulation, according to the current price, is approximately 2.2 times more than the total value of all ETH tokens currently in circulation.
Could ethereum overtake bitcoin in 2023? Traders should not rule out the possibility. The Ethereum and bitcoin blockchains are very different. The latter is “smart-contract” enabled, meaning DeFi applications can be built to run on top of it. As noted by Hashkey analysts above, a recovery in DeFi markets in 2023, perhaps as global macro conditions take a turn for the better and as adoption trends continue, could boost ETH significantly.
In comparison, bitcoin functions solely as a digital currency ledger and does not have a thriving DeFi ecosystem on top of it. It also still uses the highly energy-intensive proof of work (PoW) consensus mechanism to secure its blockchain, compared to ethereum, which, since the “merger” in September, runs using the most energy-efficient proof-of-stake (PoS) consensus mechanism. As a PoS chain, ETH can now be used to generate stable and predictable returns, another difference to bitcoin, which remains a non-yielding asset.
Given all the above reasons, if a broad upswing in the cryptocurrency market takes hold in 2023, there is every possibility that ethereum could claim the title of the world’s largest cryptocurrency by market capitalization.
Altcoins offer faster returns
Cryptocurrencies have been trading sideways for a few weeks now, which has led some traders to look at alternatives with more near-term potential. Listed below are some of the leading pre-sales in the market, which allow investors to get in on the ground floor.
FightOut (FGHT) – Pre-launches
FightOut, a brand new move-to-earn (M2E) fitness application and fitness chain that seeks to bring the fitness lifestyle into web3, has opened its pre-sale and investors believe the project could transform the existing web3 M2E landscape. While existing M2E applications such as StepN only track steps and require expensive NFT (non-fungible token) purchases to participate, FightOut takes a more holistic approach to tracking and rewarding users for their exercise and activity, and does not require any expensive purchases to participate.
FightOut’s FGHT tokens are currently selling for 60.06 per 1 USDT, and interested investors are encouraged to move quickly to secure their tokens, with the pre-sale already raising over $2.08 million in just a few days. FGHT is the token that will power the FightOut crypto ecosystem.
Visit FightOut Now
Dash 2 Trade (D2T) – Pre-sale enters final phase
Those interested in investing in a promising crypto trading platform startup should look no further than Dash 2 Trade. The upcoming analytical and social trading platform hopes to take the crypto trading space by storm with a number of unique features.
These include trading signals, social sentiment and on-chain indicators, a pre-sale token scoring system, a token listing alert system and a strategy backtesting tool. Dash 2 Trade’s ecosystem will be powered by the D2T token, which users must purchase and hold to access the platform’s features.
Dash 2 Trade is currently conducting a token pre-sale at deeply discounted prices, and sales have recently passed $9.9 million. The pre-sale dashboard will be released on Friday and the development team is currently running ahead of schedule. Tokens are currently selling for $0.0533 each and will be listed on multiple centralized exchanges within a month.
Visit Dash 2 Trade here
Calvaria (RIA) – last pre-sale phase now
Major blockchain-based games such as Axie Infinity lost significant traction in 2022. As a result, many investors interested in the crypto gaming space are looking for alternative paths. Calvaria, an upcoming game to earn fighting card crypto game, can be a good option. Calvaria seeks to increase crypto adoption by creating a bridge between the real world and crypto, a fun and accessible crypto game.
Investors should consider Calvaria’s RIA token presale. Calvaria has now raised $2.45 million, with a crypto whale bringing in $97.5,000 in one purchase last week. The pre-sale is in its final stages, with only 21% of tokens remaining.
Visit Calvaria now
