Just like Bitcoin, the Ethereum price has risen sharply in recent weeks. After gaining more than 30%, the price is now above $1,550. Now it’s February and the price is faced with a decision: will Ethereum price continue to rise or will there be a crash? Let’s analyze in this Ethereum prediction for February 2023.
Is Ethereum UP in 2023?
In the last few weeks, we have seen a strong increase in the Ethereum price. From under $1,200, the price has risen to over $1,500 within the last 3 weeks. Within this time, the Ethereum course was able to increase in value by more than 30 percent. The increase started in the first days of 2023 and continued relatively continuously in the 3 weeks.
This increase was relatively parallel to the Bitcoin price increase. Bitcoin was able to rise from $16,500 to $23,000. In percentage terms, the increase in bitcoin was even higher than the increase in Ethereum. Nevertheless, the Ether token rose to a value higher than before the Ethereum merge in September.
Why will Ethereum price continue to increase?
In the past few weeks, the crypto market in general has seen a sharp rise. This was of course due to an increase in the Bitcoin price. This triggered the subsequent surges in Ethereum and other altcoins.
The increase was supported particularly strongly by falling inflation in the USA. With rising prices, many speculative investors also liquidated their positions on the foreign exchange market, which led to a further jump in prices.
Most recently, a particularly large number of Chinese brought capital into the market on the Chinese New Year , which gave the market a final boost. In the last few days, prices then stabilized.
What is the Ethereum forecast for February?
At the moment, the Ethereum price could be at a turning point. If the market remains bullish, the Ether token could go in a positive direction. However, the Ethereum price could crash again below the $1,300 mark in the coming weeks.
A crash could also take on different dimensions. A slight correction would bring the Ethereum price closer to $1,400. A severe crash, for example due to a possible insolvency of the Digital Currency Group (DCG) , could even drop the Ethereum price down to $1,000 again.
If there is no correction or a crash, the Ethereum forecast for February would be slightly positive. The price could continue to rise above $1,600.
Ethereum Prediction for February 2023
The Ethereum forecast for the end of February depends on the scenario that will occur in the next few weeks:
- 1st scenario: The Ethereum price sees a slight increase again and no correction. In this case, the Ethereum price should be between 1,600 and 1,800 US dollars in our forecast.
- 2nd scenario: Ethereum sees another crash or correction. Barring a massive crash for now, a correction would take Ethereum price to $1,300-$1,450 on our forecast for late February 2023.
Is Ethereum a good buy?
An investment in the ether token should probably be made from a long-term perspective at the moment. Because right now is a time when the Ethereum price can go in different directions, which our forecast shows.
If you believe in a further increase in the Ethereum course, you can also invest in the short term and possibly take profits in a few weeks. However, we believe that the price can increase with greater certainty in the medium term, i.e. in a few months.
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Source: https://cryptoticker.io/en/ethereum-prediction-for-february-2023/