Can Ethereum (ETH) sustain long-term support of $1K in 2023?
At the beginning of 2022, Ethereum was trading around $4000, but it lost momentum in the first six months and took support around $1000 in the last six months of 2022. It has been consolidating between $2000 and $1000. Indeed, it is tough to predict how long it will sustain above this support.
Last year the major news was Ethereum’s Proof of Stake consensus with the Merge upgrade. It built momentum for Ethereum as investors were curious about the long-term sustainability and performance of the Ethereum platform.
There was a further downtrend after the release of the Merge update and the US FED rate hike. However, the good news is Ethereum did not make a volatile movement after the FTX liquidity crisis. You can read detailed ETH predictions for the next few years by clicking here!
After the Merge upgrade, many whale groups and retail investors preferred Ethereum over Bitcoin. That is why experts think Ethereum will perform better than Bitcoin and many other cryptocurrencies in the coming years.
Based on the technical indicators, Bollinger Bands lack volatility, and MACD and RSI suggest bullishness for the short term. So it is the right time to invest with a strict target and stop loss.
On the weekly chart, ETH candlesticks have been forming lower highs in the lower Bollinger Bands that suggest bearishness. Still, it has maintained the support of around $1000, which is a positive sign for investors.
We think it is the right time to accumulate more ETH for the long term until it breaks the support around $1000. If it breaks the support, it will be long-term bearish, and you will get the coin at a lower price within a few months.
However, you should not expect a rally until ETH crosses the level of $2500 decisively because experts suggest 2023 will be volatile for cryptocurrencies and stock markets because of inflation and a potential recession. The upper range can be around $3500 for Ethereum in 2023, while it might not break the current support of $1000.
