Following a period of shortcomings, the Ethereum price has been able to rise slightly in recent days. The price of Ether has risen back above $1,900. A move above $2,000 is possible in the coming days. But what is the May 2023 Ethereum price forecast, and can it return to $3,000 in the coming weeks? Let’s take a look at it in more detail.
How has the Ethereum price moved in the last few days?
May 2023 Ethereum Price Forecast: ETH/USD Weekly chart showing the price – GoCharting
The Ethereum price has been able to rise again in recent days, breaking above the $1,900 mark. The price of ETH had dropped to around $1,800 in recent days. The Ethereum price dropped after the Bitcoin price decreased from over $30,000 to $27,000 a week and a half ago.
After languishing in the $1,900-$2,000 range for a long time, the Ethereum price recently surged to $2,100 as a result of the Shanghai update. The Ethereum price is currently rising, making the forecast for the next few weeks optimistic.
Why has Ethereum been more of a sideways movement in the last few weeks?
The Ethereum price has not risen significantly in recent weeks. In the aftermath of the banking crisis in the United States, the price rose particularly sharply in March. In April, we began to see more sideways movement.
This was to be expected given the recent strong gains. Following the massive increases, the cryptocurrency market required another consolidation phase to gather strength for the next surge. In February, the same thing happened. Furthermore, the banking crisis resulted in short-term outperformance.
What is the May 2023 Ethereum Price Forecast?
Because of the medium-term trends in 2023, the Ethereum forecast for the coming weeks should be positive. The price of Ethereum may soon rise above $2,000 once more. If the price rises above $2,100, it may break out to the upside.
With this breakout, Ethereum’s price should be able to rise significantly in the coming weeks. May could be a very bullish month after a sideways trend in April. The Ethereum network benefits from the reduced uncertainty about possible sales following the Shanghai update.
How high can the Ethereum price go in our forecast for May?
It is never easy to predict the exact amount of an increase. However, if the Ethereum price rises above $2,100 in the coming weeks, the price could experience a bull run, significantly improving the Ethereum forecast for the end of May.
If a break out of the sideways movement is possible, an increase of 15 to 25% appears to be quite possible in the coming weeks. A move to $3,000 is still possible in 2023, but it would be far too early in May. We, therefore, assume an Ethereum forecast of $2,250 to $2,400 for the end of May.
Here are five predictive points for the May 2023 Ethereum price forecast:
- Technical Analysis: Ethereum’s price has been following an upward trend, and if it continues to do so, the $3,000 mark could be achievable. However, it is important to note that market trends are always subject to change and could be influenced by unforeseen factors.
- Market Sentiment: Positive sentiment in the cryptocurrency market could boost Ethereum’s price and push it toward the $3,000 mark. On the other hand, negative sentiment could hamper Ethereum’s growth and make it difficult to reach that price point.
- Adoption and Usage: The more adoption and usage of the Ethereum blockchain there is, the more demand there will be for Ether (ETH), which could drive up its price. If Ethereum continues to gain traction and is widely adopted, it could reach the $3,000 mark in the coming weeks.
- Regulatory Environment: Regulatory developments can significantly impact the cryptocurrency market, and Ethereum is no exception. Favorable regulations could boost Ethereum’s price, while unfavorable regulations could cause a decline in its value.
- Competition: Ethereum faces increasing competition from other smart contract platforms, such as Cardano and Polkadot. If these platforms gain more traction and users, it could impact Ethereum’s market share and limit its price growth potential. However, if Ethereum maintains its position as the leading smart contract platform, it could continue to grow and reach the $3,000 mark.
Conclusion
The Ethereum price has been able to rise slightly in recent days, and a move above $2,000 is possible in the coming days. The May 2023 Ethereum price forecast is positive, with the potential for a significant increase if the price breaks out of its sideways movement. While a move to $3,000 is still possible in 2023, it would be too early in May. The Ethereum forecast for the end of May is $2,250 to $2,400. Several factors, including technical analysis, market sentiment, adoption and usage, regulatory environment, and competition, will impact Ethereum’s growth potential in the future.
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Source: https://cryptoticker.io/en/may-2023-ethereum-price-forecast/