Ethereum Price Prediction as European Financial Firm Launches Euro Stablecoin on Ethereum Blockchain – ETH to $10,000 in 2023?
The Ethereum price has fallen by 1.5% in the past 24 hours, as the cryptocurrency market suffers a similar 2% fall in the same period.
At $1,920, ETH is also down by 4.5% in the last week, yet remains up by 6% in the last 30 days and by 60.5% since the beginning of the year.
Despite today's fall, the bull case for ETH has been strengthened further by the news that major French bank Société Générale has launched a euro-denominated stablecoin on the Ethereum blockchain.
When combined with last week's successful Shanghai upgrade and ongoing development work, such adoption news makes it clear that Ethereum is likely to remain the dominant layer-one blockchain for a long time to come.
It's arguable that ETH may have to fall a little further before it can resume rising again, at least judging by its indicators.
For one, the coin's relative strength index (purple) has fallen quite sharply in the past few days, with its descent to 50 indicating a big spike in selling pressure, which could get worse as the RSI falls towards 30 or lower.
Similarly, ETH's 30-day moving average (yellow) remains much higher than its 200-day (blue), meaning that it's still due a substantial fall, implying further price falls for the altcoin.
It's also worth pointing out that the Ethereum price fell through the psychologically important $2,000 support level a couple of days, something which could also signal further drops.
However, it needs to be remembered that ETH has lost ground more because of the market and its need for a correction than for anything related to Ethereum itself and its development.
Indeed, the news that Société Générale's digital assets unit is launching a stablecoin on Ethereum is a major validation of the platform.
Not only does it suggest
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