Ethereum Price Prediction 2023: Bullish Momentum Ahead, Could ETH Surpass $5,000?

The year 2023 holds potential for a robust rally within the next half of year, drawing parallels from the great performance witnessed in 2020. 

During that period, the price of Bitcoin tripled, while Ethereum experienced a fourfold increase. If history repeats itself, there is a possibility that the Ethereum price could indeed reach the $5,000 mark and establish a new all-time high in 2023. 

If positive market developments persist, the current price increase may prove to be sustainable. This outcome is particularly likely if central banks loosen their monetary policies once again and halt interest rate hikes. In such a scenario, the crypto market, including the Ethereum price, could experience continued growth over the upcoming months.

The Ethereum price experienced a period of stability after surpassing the $1,700 mark. Subsequently, it has recently shown renewed upward movement, reaching as high as $1,900. This increase in price appears to have triggered momentum that could potentially lead to a significant rise in the coming weeks.

ETH Indicators Gear Up For Bullish Momentum

The Ethereum (ETH) price appears highly promising, supported by its technical aspects and bullish indicators.

Ethereum (ETH)  is trading above the 50-day and 200-day simple moving averages (SMA). This indicates that bullish momentum is on the rise. According to the chart above, the 200-day SMA has been displaying a BUY signal for the past 14 days, starting on June 15, 2023, at $1,438.

The bullish momentum strengthens as the 200-day SMA supports the $1,645 level, causing the price to rebound further past the 50-day moving average. Furthermore, the 50-day moving average has been signaling a BUY for the past nine days, since June 21, 2023. The ETH price seems to have received support from the 50-day SMA at $1,826, enabling the bulls to gear up for a surge. 

Based on our technical analysis, the 200-day SMA is trading at $1,676 and is expected to rise in the next month and reach $1,900. The short-term 50-day SMA trading at $1,822 is expected to reach $2100.

Moreover, the Relative Strength Index (RSI) of the period (14) momentum oscillator supports this bullish move, surpassing its neutral line of 50 to trade at 57. The bulls have an excellent opportunity to enter the ETH market at the right time to garner high returns.

Ethereum Could Break Above the Ascending Channel

The horizontal level of $1,906 is currently posing resistance to the ETH/USD pair. Since November 2022, the pair has been marking higher lows, and the $1,900-$2,000 range has been functioning as significant technical and psychological resistance levels.

If the price manages to break above $2,000, it has the potential to drive ETH rapidly toward the 2022 resistance levels, which were at $3,000. These levels align with the targets indicated by the bullish ascending channel pattern. 

The ETH price has also been trading along an ascending channel, displaying a bullish outlook with roughly two equal highs and three higher lows. ETH price could break above the ascending channel and potentially breach the $2000 resistance level, reaching the height of the $3000 level.

Late buyers should be cautious as the funding rate for the ETH perpetual swap contract has surged toward monthly highs, indicating a potential warning sign.

ETH Perpetual Swap Funding Rate Unlikely to Trigger a Pullback

In perpetual swap trading, traders must pay funding rates for open short or long positions, depending on the asset’s demand. If the demand for short orders outweighs the demand for long orders, the cost of shorting increases, resulting in traders on the short side paying for longs.

Considering this situation, the price may experience a pullback towards the lower boundary of the ascending triangle pattern observed on the ETH/USD pair, which is approximately around $1,680.

Despite the recent surge in the funding rate for the ETH perpetual swap contract and the cautionary flag it raises for late buyers, The on-chain movements and market indicators suggest a higher probability of bullish potential in the short-to-medium-term rather than a bearish trend.

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