Ethereum Price Prediction – Can ETH Flip Bitcoin in 2023?
ETH, the native cryptocurrency that powers the Ethereum blockchain, continues to suffer amid elevated post-hawkish Fed meeting sell pressure. ETH, otherwise known as Ether, was last down over 5.0% on Friday, having broken out to fresh monthly lows under its 21-Day Moving Average (DMA) earlier in the session. ETH/USD looks on the verge of breaking below $1,200, which could trigger the next leg of selling towards the late-November lows in the $1,150 area.
Ether’s latest drop and fall below its 21DMA, which had in recent weeks been acting as an important source of short-term support, suggest that the positive momentum that lifted ETH as high as $1,350 from November’s sub-$1,100 lows has now been snapped. Ether bears note that the cryptocurrency remains locked within the bounds of a longer-term bearish trend that has been in play since August.
With Fed Chair Jerome Powell’s hawkish tone at Wednesday’s meeting seemingly having snapped the prospect of a year-end “Santa rally”, and with ETH’s technical picture seemingly having taken a substantial turn for the worse, a retest of November’s double-bottom in the $1,070 area seems much more likely that a rebound towards $1,500.
In their latest DeFi Ecosystem Landscape Report, analysts at Hashkey Capital argue that the outlook for the DeFi space for 2023 is strong. “Many DeFi applications are now easier to use than home banking applications, which paves the way for onboarding more users in 2023,” analysts state, adding that “the general public is also getting a better awareness of digital wallets as a result of big social media companies integrating them”. Analysts point to the examples of Reddit, Instagram and Twitter, who are all making moves to add crypto-based services to their
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