An analyst’s opinion: Ethereum price will probably cross $3,000 in 2023

After the digital currency market finally woke up from its weeks-long slumber and hit $1 trillion in market capitalization, the price of Ethereum rose above $1,500 for the first time since the post-Marj crash.

According to Finebold, based on a tweet from an anonymous digital currency trader and one of the founders of “LegArt” named “Kaleo”, it was published on October 27 (November 5); According to Price Action Analysis, the price of Ethereum may exceed $3,000 in 2023.

Kaleo said:

Ethereum price moving back above $3,000 in early 2023 seems logical.

According to the chart above, Ethereum is moving in an uptrend line, which indicates that the price is fluctuating in a larger range. The continuation of this trend will eventually lead to a change in the price in a positive direction.

According to Finbold’s report, after $20 billion poured into the Ethereum market within 24 hours, the price of this digital currency reached more than $1,500 for the first time since September 15 (September 24). When the price fell after the successful update of Marj.

Meanwhile, Mike McGlone, chief commodity strategist at Bloomberg Intelligence, noted on October 26:

Ethereum’s change to the proof-of-stake protocol and its commanding position at the center of digitalization of monetary and financial affairs can be the basis of its price increase.

Ethereum technical analysis

Meanwhile, Ethereum’s technical analysis indicators look very interesting. In particular, the sentiment summary indicator shows buying sentiment at 13. However, the oscillators are showing sell sentiment at 4, while the moving average points to a strong buy range at 12.

At the time of publication of this report, the price of Ethereum is in the range of 1,567 dollars in the transaction with a growth of more than 3% in the last 24 hours. In addition, it has seen a 21.1% growth in the past week, which is very close to the cryptocurrency community’s 4-week forecast for Ethereum price on October 31st.

Fear of censorship

However, things are not entirely good for Ethereum. Some industry experts are concerned about the network’s resistance to censorship; Because right now, more than 60% of Ethereum transaction blocks comply with the sanctions imposed by the US Office of Foreign Assets Control (OFAC).

As a reminder, Ofek banned popular Ethereum mixer Tornado Cash in August for its role in allegedly laundering over $455 million in stolen digital currency. In addition, it blacklisted a number of Ethereum addresses associated with this protocol.

This ban has led to the growing popularity of “Maximum Mined Value” or MEV relays compliant with OFEC rules, which may censor some transactions. The digital currency intelligence platform Mesari called this action a real threat to Ethereum’s neutrality and resistance to censorship in the past.