In the last few weeks, the Ethereum price has only seen a stronger rise and in the last 2-3 weeks it has fallen slightly again.
The Ethereum price has seen a very good rise in 2023 so far. Although a slight price drop was observed recently, investors are likely to become more optimistic again. The previous all-time high is $4,800.
In general, the direction of Ethereum’s course has been upward so far this year. At the beginning of the year, the ETH rate was still $1,250. It is currently at $1,550.
However, the Ethereum price has already reached a price of $1,700 in recent weeks. However, since mid-February, the price has fallen more sharply again after the price of Bitcoin also suffered a steeper decline.
Can the Ethereum Price Explode again in 2023?
The Ethereum course could already perform well this year. Therefore, 2023 could be a very successful year for the ether token. The second year of a bear market usually brings a slight rebound from the heavy losses of the first year in the bear market.
However, the question remains as to whether the Ethereum price could rally back towards the all-time high, and thus towards $5,000, in the coming weeks and months. Some analysts assume that the cryptocurrency market is still very undervalued at the moment.
However, it is almost impossible for the Ethereum price to rise in these areas this year. It will probably take a few more months before there are extremely strong rallies in Ethereum.
When Will the Price Reach $5,000?
A new all-time high and rally above the $5,000 level could happen very quickly if a bull market resumes. This bull market has always come after the Bitcoin halving, which triggers a Bitcoin supply shock. With the rise of Bitcoin, Ethereum is also rising sharply as a result.
The years 2024 and 2025 seem likely. The halving will likely come in the spring of 2024, after which the Ethereum price should skyrocket. Assuming a bullish perspective, $5,000 could drop as early as 2024.
However, by the second half of 2025 at the latest, the $5,000 mark should fall easily, because then the course of Ethereum should move towards a new all-time high. At the top, even more than $10,000 for an Ether should be possible.
High inflation and the extremely insecure macro situation were strongly reflected in the price of Bitcoin in 2023. Considering the internal problems of cryptocurrencies with big players like FTX, Celsius, Voyager, Luna going under, 2023 doesn’t look too good. for the bulls. A lot of sideways price action will be seen, with a tendency to slide lower with every minor shake in the market.
Many experts consider that Ethereum is the best cryptocurrency to invest, since its system is better than that of Bitcoin. It is true that there are other large projects, but none has a level of relevance, in the crypto world, comparable to Bitcoin and Ethereum, at least so far.
By Audy Castaneda
