Ethereum Price Soars: Can It Reach $5k in 2023?17. April 2023
• Ethereum price has broken beyond $2,000 following the successful Shapella upgrade.
• If Ethereum holds at the new support of $2,000 it could reach $5,000 by 2023.
• Bitcoin’s success is driving investors into the market and helping to build momentum during up-trending markets.
Ethereum Price Breaks Beyond $2,000
The primary token in the world’s largest smart contract ecosystem, Ethereum has topped $2,100 for the first time since May. Following a successful Shapella upgrade on April 12th, Ethereum price blasted through resistance at $2000.
Crypto-Friendly Banks Collapse
Since March three crypto-friendly banks have collapsed including Silvergate Bank, Signature Bank and Silicon Valley Bank (SVB). Regulators are now providing oversight to prevent this from happening again which is causing difficulty for crypto-based companies that are unable to find banking partners.
Uptrend Supported By Shapella Upgrade
The uptrend of Ethereum price is mainly supported by the Shapella upgrade which allows investors who staked ETH to withdraw their tokens and rewards earned since transition became proof-of-stake. A daily close above this level is required for bulls to maintain the lead relative to bearish advances.
Fear Of Missing Out (FOMO)
The hype around beginning of bull market is driving investors in droves due to fear of missing out (FOMO). This helps build momentum during up-trending markets and all eyes are glued on resistance at $2000 as breaking this level will propel Ethereum price higher.
Can Ethereum Reach $5K In 2023?
Ethereum price is suitably positioned to rally following its remarkable performance since start of year and especially after emerging stronger during banking crisis in US. To reach potential rally of up to $5000 by 2023 Ether must hold support at $2000 at all costs with help from optimistic outlook from Moving Average Convergence Divergence (MACD).