The price of Ethereum has lately increased significantly during the past two weeks. The value of ETH, the second-largest cryptocurrency on the market, increased concurrently with that of Bitcoin. Once more, the price was able to surpass $1,500. But can Ethereum reach $5,000 in 2023? In this article, we take a look at the possibility of the Ethereum price reaching this new ATH price.
How did Ethereum perform in the last few weeks?
In the last few weeks, we have seen a stronger price increase in Ethereum in the market. The year 2023 got off to a positive start. From $1,200, the course was able to rise to over $1,250 in the first few days of the year. In the coming days, the rise continued and finally, the price was able to break out of the resistance at $1,400.
In the last week in particular, the price has seen massive increases. After breaking above $1,400, another rally continued. In response to the Bitcoin price surge above the $20,000 mark, the Ethereum price surged above $1,500, above where the Ethereum price was at the merge.
Why could the Ethereum price rise?
The Ethereum price has followed the rise in the Bitcoin price in the last few days. This rise came as part of a general rise in many assets in the world markets. Above all, falling inflation in the USA ensured that prices were able to rise more strongly again in the last few days.
With the increase in the Bitcoin price, the altcoins followed with strong increases. Bitcoins break through the $17,000 resistance has been anticipated for some time. The Ethereum price was ultimately able to break through its resistance at $1,400. In the last few weeks, the price has repeatedly fluctuated between 1,200 and 1,400 dollars.
How high can the price rise in the next few weeks?
After rising above $1,500, the Ethereum price seemed to stabilize in the short term. But recently there was an increase again and the Ethereum price was even able to rise towards $ 1,600. The price increase seems to trigger a momentum that could also cause the price to rise sharply in the coming weeks.
Should the positive market developments continue, the current price increase could actually be sustainable. Especially if the monetary policy of the central banks loosens again and the interest rate hikes stop, the crypto market and thus the Ethereum price could continue to rise in the coming months.
Can Ethereum Price Reach $5,000 in 2023?
The Ethereum price could therefore continue to rise sharply in the coming weeks. But is the Ethereum price increase so great that the price could even reach the $5,000 mark and thus a new all-time high in 2023?
The year 2023 could bring a strong rally just in the next 3 to 6 months. This is shown by the year 2019, when the Bitcoin price tripled and the Ethereum price even increased by a factor of 4. If this development is repeated, the Ethereum course could actually reach this mark.
Furthermore, it is not impossible that inflation in Europe and the US will recover very well in the coming weeks. This would be a very good signal for the major markets in the short term. The crypto market could benefit in particular, with strong increases in Bitcoin and also in the Ethereum price.
Is Ethereum a Good Buy?
At the moment we are seeing strong buying in the Ether token. Although you should be careful not to buy from FOMO when prices are too high, it could still be a worthwhile investment at this point. The direction of the price is straight up in the short-term and we could see a further increase in the next few weeks.
But in the coming months, the Ethereum price could also rise sustainably if the 2019 scenario is repeated. Although a sustainable increase is not guaranteed, the chances for the next few months may be good.
Offer from CryptoTicker
Are you looking for a chart analysis tool that doesnt distract you with community messages and other noise? Check out GoCharting! This is an easy-to-use online charting tool that requires no downloads or prior knowledge.
You might also like