Ethereum Price Prediction as Bulls Hold ETH Above $1,500 – Here's Where ETH is Heading Next
The Ethereum price is unchanged in the past 24 hours, with its move to $1,567 over the weekend meaning that it has fallen by 4% in a week and by 6% in the last 30 days. However, it remains up by 31% since the start of 2023, with its $1,550 support level holding strong in the past few days, suggesting that it won't be returning to the lows of last year.
And with Ethereum having some of the strongest fundamentals in the market, there's little doubt that ETH will continue rising again once the market returns to growth. Of course, the upcoming Shanghai upgrade -- which enables staking withdrawals -- may cause a temporary slide, but recent positive Ethereum-related news (e.g. from Coinbase and Visa) suggests that ETH is only going up in the longer term.
ETH's chart suggests that it still has further falls in store before it can resume rallying. Its 30-day moving average (red), for example, had flattened over the past week or so and now looks like it's beginning to fall back towards its 200-day average (blue), signalling additional losses.
Similarly, ETH's relative strength index (purple) has now fallen below 50 and could be on its way lower. It won't have bottomed until it reaches somewhere around 30 or 20.
However, as noted above, the coin has done a good job of holding to its $1,550 support level, which it hasn't breached since early February. And even then it quickly recovered back up to $1,600 in a matter of days.
So even if ETH is likely to fall further in the next few days, there's confidence that it will recover soon enough. That said, the market needs to hope that the (potentially) incoming bankruptcy of Silvergate Bank doesn't bring down other crypto-related firms in its wake, something which could cause selloffs to
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