Ethereum Price Prediction: ETH Holds Strong Above $2,000
Ethereum (ETH) price remained relatively stable on Thursday, with the trading volume decreasing by 20% to $8.5 billion. Despite this, the altcoin’s market cap remains above $245 billion, according to CoinMarketCap.
Ethereum Price Prediction: How Far Is Ethereum From Breakout?
The Moving Average Convergence Divergence (MACD) indicator suggests that Ethereum has been trading sideways since Monday. The coin is supported by the 100 Exponential Moving Average (EMA) at $2,020 and an ascending trendline.
Historically, Ethereum has reacted positively whenever it retraced to touch the trendline. If the price dips towards $2,000, it could present a buying opportunity for bulls who anticipate a breakout to levels at $2,200, $2,500, and even $3,000.
However, caution should be exercised as long as Ethereum is trading below the short-term resistance at $2,040. A break above this level and the subsequent resistance between $2,058 and $2,070 would indicate a breakout and potentially lead to a bigger move towards $2,200.
Ethereum DeFi TVL Shoots To $26 Billion
The total value locked (TVL) in staking protocols and decentralized finance (DeFi) networks for Ethereum has risen rapidly. Data from Defi Llama shows that the TVL currently stands at $26 billion compared to around $19.4 billion in mid-October.
This increase in TVL reflects investors’ bullish outlook on Ethereum’s price. They are willing to lock up their Ether for extended periods, anticipating that the uptrend will continue into 2023. A higher TVL also reduces selling pressure on the coin.
Hot Take: Ethereum’s Consolidation and Potential Breakout
Ethereum has been consolidating above the $2,000 level, with support at $2,020 and resistance at $2,070. The MACD indicator suggests sideways trading, but a breakout could be imminent if Ethereum surpasses the short-term resistance at $2,040. Traders should be cautious and watch for a move towards $2,200 as an indication of a potential breakout to higher levels. Additionally, Ethereum’s DeFi TVL has surged to $26 billion, indicating strong investor confidence in the coin’s future performance.
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