The market for cryptocurrencies looks to be rebounding. With prices increasing by an average of 15% in the first two weeks of 2023, cryptocurrencies have had a great year. Ethereum in particular managed to outperform the crypto market during the same period, with a growth of about 21%. How high can Ethereum reach? Before March 2023, will ETH reach $3,000? Let’s go into an Ethereum analysis in this outlook for Ethereum article!
What is Ethereum crypto?
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps). Vitalik Buterin developed Ethereum in 2014 and launched it in 2015.
With Ethereum, programmers may create and use smart contracts and decentralized apps (DApps). The Ethereum Virtual Machine, a decentralized virtual machine, powers these smart contracts and DApps (EVM). Prediction markets, peer-to-peer marketplaces, and voting systems are just a few of the services that appear with the aid of these DApps.
Why is Ethereum important in 2023?
The creation of several decentralized apps (DApps) in numerous sectors is possible thanks to Ethereum. Here are a few sectors which Ethereum can develop:
- Finance: Ethereum helped in the creation of decentralized finance (DeFi) applications, which allow users to access financial services such as lending, borrowing, and trading without the need for intermediaries like banks.
- Supply chain management: Ethereum has been used to create DApps that enable transparent and efficient tracking of goods as they move through the supply chain.
- Real estate: Ethereum has been used to create DApps that allow for the creation and management of smart contracts related to real estate transactions.
- Voting: Ethereum can create DApps that enable secure, transparent, and verifiable online voting systems.
- Healthcare: Ethereum has been used to create DApps that enable secure, decentralized storage and sharing of medical records and other sensitive healthcare data.
Outlook for Ethereum: Why is Ethereum UP?
In 2023, the crypto market as a whole began to show indications of recovery. The market as a whole has increased by 15% on average. Prices for Ethereum followed higher, increasing by almost 21% during the previous week. Figure 1 below shows how the price of Ethereum responded to a support level of about $1,200.
Ethereum Prediction: Will Ethereum reach $3,000 soon?
Looking back at figure 1, we can clearly see how Ethereum breached the descending triangle higher. If this move persists, we can expect Ethereum to continue higher. Additionally, a strong crypto market means that Ethereum also should continue higher. Once the $2,000 price mark reaches, Ethereum shouldn’t have any problem continuing towards the higher price area of $3,000.
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