Crypto Community Believes ETH Will Reach $5K by the End of 2023

In a tweet yesterday, Wu Blockchain (@WuBlockchain), shared the results of a recent survey performed by OKX. According to the tweet, 63% of respondents predict that ETH will hit a new record high of $5,000 by the end of 2023. Meanwhile, 83% of those surveyed expect that more ETH will be staked in the next 3 months.

At press time, ETH’s price stands at $1,876.17 after it printed a 24-hour gain of 0.42% according to CoinMarketCap. This has added to the leading altcoin’s already-positive weekly price movement – taking the total gain for the last 7 days to +2.79%.

ETH was, however, outperformed by the market leader Bitcoin (BTC) over the last 24 hours. As a result, ETH is down 0.18% against ETH.

Daily chart for ETH/USDT (Source: TradingView)

ETH’s price double-tapped the resistance level at $1,710 over the last month, which eventually resulted in it breaking out above the key level. The altcoin’s price was able to flip the resistance level into support on 17 March 2023.

This flipping of the level happened shortly after the 9-day EMA line crossed bullishly above the 20-day EMA line just a few days prior on 13 March. The shorter EMA line then offered ETH the necessary support to break the latest key price level at $1,850 – a level it continues to trade above at press time.

ETH’s price seems to have established a peak at $1,942.98 this past Wednesday and has retracted back down to the $1,850 mark. Should ETH’s price fail to close today’s trading session above this price level, then it may drop to the next minor support level at $1,781 in the next 14-48 hours.

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