The Ethereum price has experienced a strong increase again in the last few days. After Bitcoin initially rose more than Ether, the latter recently performed slightly better than Bitcoin and rose above $1,700 again. Will Ethereum price reach $3,000 in June 2023? Which factors speak for a price explosion?
How has the Ethereum price moved so far in 2023?
The year 2023 has so far seen significantly increasing prices for cryptocurrencies. Ethereum was a big winner. At the turn of the year, the ETH price was still slightly below the $1,200 mark. In January, the price rose almost continuously and was around $1,600 at the end of the first month of the year.
In February 2023 things have been up and down several times so far. The price was able to rise to $ 1,680 at the beginning of the year. In mid-February, the price then fell sharply and was sometimes only 1,470 dollars. In the last few days, the Ethereum price was able to rise again and saw a breakthrough above the $1,700 mark.
Will Ethereum Price increase?
The Ethereum price has seen a strong increase overall in the last few weeks. However, there is still a possibility that a major crash could occur. Recently, the market is turning again and we are seeing stronger falls in Bitcoin’s price, which Ethereum’s price can follow.
Although we could see another market crash in the short term, the Ethereum price should rise sharply in the medium term. A price of 3,000 dollars would be quite possible in the coming months.
Will Ethereum reach $3,000 in June 2023?
The Ethereum price could reach a price of 3,000 dollars again in a few months. Let’s give a few reasons that make this more likely:
1. The 2019 model year
The crypto market always goes in cycles. Every 4 years we see a Bitcoin Halving , which initiates the bull market. But even in a bear market, prices can rise sharply. The year 2019 was then the 2nd year of the bear market. Nevertheless, the Ethereum price was able to quadruple. From the turn of the year 2018 / 2019 to the summer of 2019, the Ethereum price rose from $80 to $320. The year 2023 is again the second year of the bear market and could repeat the trend of 2019.
2. Increasing regulatory clarity
The FTX bankruptcy was a sharp cut in the crypto market and triggered a price slide. As a result, there was massive uncertainty in the market. Regulators are now becoming more active. The commitment of the US Securities and Exchange Commission, which has become more active in recent weeks, is particularly important here. However, better regulation could also have an advantage. Legal certainty could bring many advantages, especially for the large networks Bitcoin and Ethereum.
3. End of rate hikes
In 2022, the FED in the USA and the ECB in Europe increased key interest rates more frequently. This ensured that the FIAT currencies were strengthened again. But at the moment these steps seem to be becoming rarer. Because higher interest rates increase the likelihood of a recession. As such, central banks need to be cautious. This should increase the prices of the cryptocurrencies and thus also the Ethereum price in the coming weeks and months.
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Source: https://cryptoticker.io/en/ethereum-price-reaching-3000-in-june-2023-possible/