The year 2022 was supposed to be a defining year for the Ethereum blockchain, which is by far the largest smart contract platform for token issuances, non-fungible tokens (NFTs), and gaming. When it finally completed its much-anticipated Merge event, Ethereum bulls waited in eagerness for a massive pump in the Ethereum price, but their hope was all in vain, as The Merge made a whisper rather than a bang.
While the crypto market acted up throughout the past year, it is imperative to know where the altcoin forerunner, Ethereum (ETH), is headed in 2023 and beyond. In the wake of the bearish season, Ethereum has witnessed massive drawdowns in price, falling from its all-time high (ATH) of $4,900. In fact, like Bitcoin (BTC), ETH has wiped out all gains from 2022’s euphoric highs amid an increase in selling pressure during the bear market.
At the time of writing, ETH price is trading at $1,216, after gaining 1.63% in the last 24 hours and recording a live market cap of $148.86 billion and a 24-hour trading volume of $3.48 billion, according to data on CoinMarketCap. The price is struggling to breach past a formidable area that could see ETH price trade in the $1,300 zone.
Ethereum Price Struggling To Conquer A Formidable Area As Buterin Spurs Solana Rally
Ethereum co-founder Vitalik Buterin has spurred a rally for the Ethereum rival Solana, causing it to surge over 10% by predicting it has a “bright future” despite FTX’s demise. The comments came in a Twitter post:
Some smart people tell me there is an earnest smart developer community in Solana, and now that the awful opportunistic money people have been washed out, the chain has a bright future.
Hard for me to tell from outside, but I hope the community gets its fair chance to thrive??
— vitalik.eth (@VitalikButerin) December 29, 2022
Contrary to expectation, the Ethereum merge that marked its transition from Proof-of-Work (PoW) to a new PoS protocol in September last year, did little to salvage the bearish effect of ETH price, thus, leaving investors and traders to think Ethereum may have had its day.
At the same time, chances are that Ethereum might experience a surge in liquidity pressure in Q1 2023 with the U.S. Federal Reserve maintaining its hawkish policy, causing the price to crumble due to a prolonged crypto winter. This comes as the economic data in November and December hinted at an apparent recession in the US and Europe.
On the other hand, expert speculations suggest that the outlook for the Ethereum price remains positive, with estimates of $2,878, $4,134, and $5,495 for 2023, 2024, and 2025 respectively. And for good reason, ETH could see strong price action as the ecosystem scales up because the Merge was merely the first in a series of rhyming upgrades. There is more planned for the years ahead, including The Surge, The Verge, The Purge, and The Splurge.
According to reports, The Surge will implement two forms of technology dubbed “sharding and roll-ups”, which are meant to significantly lower transaction costs while increasing throughput from 15 to 10,000 transactions per second (tps). If this happens, it would have made good on the promises first made by The Merge.
Ethereum price is currently trading at $1,216, building from yesterday’s gains as bulls struggle to break above a formidable area. The price is currently battling the resistance offered by the 50-day Simple Moving Average (SMA) at $1,223 which has intimidated the ETH price since December last year.
ETH/USD Daily Chart
If buying pressure increases from the current price, bulls would be bolstered to push the price above the 50-day SMA flipping it into support. They would then be able to use it as a critical buttress to raise the ETH price towards the next resistance around the $1,280 and $1,300 zone embraced by the 100-day SMA.
Cracking the 100-day SMA hurdle and flipping it to support would open the path for the Ethereum price to rise higher targeting the local high at $1,348, and in overly ambitious cases, tag the 200-day SMA as the next key level at $1,390, bringing the total gains to 14%.
Supporting this positive outlook was the relative strength index (RSI) at 46. This oscillating indicator was approaching the middle line away from the negative region, an improvement from what it was showing in the past day. It appears that buying pressure is increasing. adding credence to the bullish thesis. In the same way, the moving average convergence divergence (MACD) indicator is tipping upwards, which shows that more bulls are entering the Ethereum market and the price has the potential to increase.
On the flip side, if the bears overpower the bulls and the 50-day barrier holds, then ETH bulls would have to defend the support at $1,187 because losing it would send the price down to test the local low at $1,152.
Start 2023 With These New Cryptocurrency Projects
As Ethereum bulls struggle to beat the formidable zone and recover most of the ground lost in 2022, two altcoins are ready to deliver the best use cases and returns to users in 2023 and beyond. They are, FightOut and C+Charge.
FightOut is a new web 3.0 fitness platform and gym chain delivering everything requisite for proper workout sessions and ensuring that participants become “fighting fit.” It incorporates the move-to-earn (M2E) feature, thereby motivating athletes with rewards upon completing their workout programs.
As a reward for working out, FightOut gives you $REPS that can be used to purchase training gear and apparel, enjoy membership discounts, and have unrestricted access to its on-site health bar and co-working space.
Interestingly, a player can buy more REPS with FightOut’s native token, FGHT, which gives them a chance to enjoy a 50% bonus. The team behind FGHT has raised over $2 million in the ongoing presale.
? @FightOut_ is changing the game for fitness lovers!
Earn rewards for completing strength exercises, muscular conditioning, cardio, and prehab through the FightOut companion app!
Buy now and get up to a 50% bonus! ??⬇️https://t.co/k7fZ9LPaRN pic.twitter.com/jG6yiX222q
— Sofia Zamolo (@sofizamolo) January 2, 2023
The FightOut fitness platform is poised to soar high in 2023, and participating in the ongoing presale event will significantly add value to your portfolio.
C+Charge is a new web 3.0 platform committed to the goal of reducing carbon-based emissions while capitalizing on the carbon offset program.
At C+Charge we allow everyone to earn carbon credits and help the planet in the most convenient and efficient way?
✅1 carbon footprint = 1 ton of CO2
— C+Charge (@C_Charge_Token) January 2, 2023
The project incentivizes Electric Vehicle Drivers with carbon credits, which had been initially reserved for large companies.
Most notably, C+Charge has introduced a standardized peer-to-peer (P2P) payment solution for Electric Vehicle owners when they pay for charges at charging stations in different parts of the globe. This is courtesy of the platform’s C+Charge app, providing real-time information about charging stations with EV charges. It also features a digital wallet where the account owner can hold the project’s native tokens, CCHG.
When paying for charges with CCHG, C+Charge gives you carbon credits, then tokenized as non-fungible tokens (NFTs) and can be traded or HODLed but the choice is entirely yours. Additionally, C+Charge will eliminate all transacted CCHG from the ecosystem, reducing supply while increasing the token’s demand and value.
Simply put, this green platform takes on the carbon offset initiative, and considering its early-stage development will certainly do you good!
CCHG is currently in presale with over $48,000 raised so far.
FightOut (FGHT) – Newest Move to Earn Project
- CertiK audited & CoinSniper KYC Verified
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- Earn Free Crypto & Meet Fitness Goals
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