A recent survey conducted by OKX found that 63% of respondents believe that Ethereum (ETH) will reach $5,000 by the end of 2023. The survey also found that 83% of participant expect more ETH to be staked in the next three months. Wu Blockchain, a popular cryptocurrency analyst, tweeted the results of the survey on April 7th.
At the time of writing, ETH was trading at $1,876.17, up by 0.42% over the last 24 hours. This adds to the cryptocurrency’s already-positive weekly price movement of +2.79%. However, in the last 24 hours, ETH has been outperformed by Bitcoin (BTC), and is currently down 0.18% against the market leader.
Bitcoin (BTC) has been on a tear in the last 24 hours, gaining over 3% in value. This has caused ETH’s market share to shrink, as investors move money into the more profitable Bitcoin. ETH is currently trading at $1,876.17, down 0.18% over the last 24 hours.
ETH’s price surged in mid-March 2023, breaking through the resistance level at $1,710 and establishing it as a support level. The break occurred after the 9-day EMA line crossed bullishly above the 20-day EMA line, allowing ETH to break through the key price level at $1,850. ETH is currently trading above this price.
However, ETH’s price has seen a recent surge, reaching an all-time high of $1,942.98 on April 6th. Since then, it has retraced back to the $1,850 mark. If ETH’s price fails to close above this level today, it may drop to the next minor support level at $1,781 within the next 14-48 hours.
Many cryptocurrency investors believe that Ethereum (ETH) will reach a price of $5,000 by the end of 2023. However, it is unclear whether this prediction will come to fruition, as Ethereum’s current price movement suggests that the cryptocurrency is experiencing some consolidation after a recent bullish run. It is unclear when and if Ethereum will break through its current resistance level to reach new highs.