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| Source: Wallpaperflare.com |
After the Merge, Ethereum's price did not increase as expected and dropped below $1,200 levels a few days later. Last month, the Ethereum network switched from proof-of-work to proof-of-stake, but the change had no impact on the currency's valuation.
On Wednesday, as the markets rose
and crossed the $1,500 threshold, ETH attained its long-awaited breakthrough.
After the Merge was complete, it took over 40 days for the second-largest
cryptocurrency to surpass $1.5K.
Investors are confident that ETH's price will rise further
now that it is above the $1.5K mark. An anonymous cryptocurrency analyst named
Kaleo tweeted that the price of ETH might quadruple in the first quarter of
2023. The analyst anticipated that early in 2019, ETH may surpass the $3,000
mark.
$ETH breaking above $3K again in early 2023 makes sense pic.twitter.com/BZVUXccWIG
— K A L E O (@CryptoKaleo) October 27, 2022
On Twitter, Kaleo posted a chart with the prediction,
"ETH breaking above $3K again in early 2023 makes perfect sense." His
observations show that the price of ETH is printing greater swing highs and
lower swing lows, signaling a change in the future months toward the positive.
Can the price of Ethereum double? Here's Our Opinion (only)
If market circumstances improve by the close of 2022, Ethereum's price may quadruple, paving the stage for a bull market in 2023. A rapid economic rebound, however, could not be in the cards based on the macroeconomic issues that are impacting the global markets. The markets remain under a negative hold that could bring them down once more despite the current rise.
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| Source: BTC-Echo |
Leading cryptocurrencies could lose their weekly gains &
record new lows if markets are unable to maintain their upward trend. The
markets are currently on the bright side of the chasm and already appear to be
making a turnback.
Therefore, if Ethereum doubles in price in early 2023, it might be out of reach. Before investors can expect to quadruple their capital in the following six months, the global economy must first revive.
At the time of publication, Ethereum was traded at $1,548 and
was up 1.4% over the previous day. Since hitting an all-time high of $4,878 in
November of last year, ETH has decreased by 68.5%.
Disclaimer: The opinion expressed here is not intended as
investment advice and is only provided for informational reasons. Occasionally,
GatewayPK may not agree with the opinions stated here. Every investment and
every sort of trading involves risk; therefore, you should always do your own
research before making decisions. We don't suggest making investments that you
can't afford to lose money on.
