Ethereum Price Prediction Daily 19th October 2023: ETH Push Lower Continues! Price Approaching First Target
In our previous Ethereum analysis, we talked about the ETH sell-off that had started and our two bearish targets (target 1: $1,531, target 2: $1,497) for the flag pattern we are currently tracking in the 1-hour timeframe.
Well, that bearish prediction is playing out exactly! And right now, the ETH price is approaching our bearish first target at $1,531.
In this Ethereum analysis, we will be updating you on what the Altcoin price is up to right now and what price actions we expect to see play out in the coming days.
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ETH $1,531 First target
The Ethereum price is very close to our first bearish target at the $1,531 price level in the 1-hour timeframe. We have seen this price level serve as a major key support for Ethereum over and over again in the past, making it an important key support to watch out for.
In the coming days, we expect to see the ETH bears push the Altcoin price to this key level and challenge this $1,531 support again.
If the Ethereum price breaks through this $1,531 support, then there is a very high probability that we might see the ETH bearish continue in the coming days.
Our next bearish target for this Flag Pattern sell-off is the $1,497 price level. So in the coming days, we will be watching the Ethereum development closely to see how the Altcoin plays out.
Our Ethereum bearish prediction is playing out exactly as we predicted. The ETH price is right now approaching our first target at the $ 1,531 price level.
However, for the Ethereum bearish trend to continue, we need to see the ETH bears push the Altcoin price below this key support level in the coming days.
So for now, we are watching this $1,531 price level closely to see how the ETH price reacts to it.
Everything You Need to Know About the Ethereum Crypto Giant
If you are new to the crypto space and have only heard about Ethereum recently, then you must be wondering what it is and why you should know more about it.
Ethereum is a digital currency that anyone can purchase or trade on cryptocurrency exchanges. Global users can purchase or trade Ethereum on ByBit or Binance. Users in the USA can directly purchase Ethereum by signing up on MEXC.
BitFlex is another popular crypto exchange but it stands out from the rest as it allows users sign-up and trade crypto without the need of a KYC.
In simple terms, Ethereum is an open-sourced digital currency that operates on a blockchain of its own (similar to Bitcoin). The blockchain is known as the Ethereum blockchain, and its native token is also referred to as Ethereum or Ether. The Ethereum blockchain is a much faster, more efficient, and more advanced form of blockchain, and unlike the Bitcoin blockchain, it has multiple real-life applications.
It was founded by a Russian Canadian programmer Vitalik Buterin, who first proposed the idea of an open-sourced digital currency in 2013 with the aim to create decentralized applications. The project was launched in July 2015 and went live with an initial supply of 72 million coins.
Blockchain technology aims to eliminate third parties from transactions and give full control to the users. Ethereum takes this idea to another level with its smart contracts. It allows users to build decentralized apps (dapps), which eliminates any possibility of third-party involvement, downtime, or censorship. It not only makes the transaction faster but also more secure.
What Are Ethereum Smart Contracts?
Smart contracts refer to a collection of code and data that is associated with the Ethereum blockchain.
They are programs written as code and are committed to the blockchain. Once a smart contract has been deployed on the blockchain, it is distributed and becomes immutable. This means no one can tamper with the contract once it is written, and the funds will be released only when the contract goals are met.
What makes smart contracts so special is that they eliminate the need for a third party. The contract itself acts as a third party, and if the goal is not achieved, the fund goes back to its sources. Ethereum smart contracts not only allow you to exchange money, but they also allow you to exchange property, stocks, or any other assets.
Bitcoin might have been the first cryptocurrency, but if it were not for Ethereum, the crypto space would not have become this big and advanced. The majority of the cryptocurrencies out there are built on the Ethereum blockchain and use ERC20 tokens for transactions.
The Bitcoin blockchain also allows users to create smart contracts, but they are limited and do not offer the same utility. Ethereum smart contracts are built with the help of a blockchain-specific computing language known as Solidity and are much more advanced.
Ethereum smart contracts are gaining attention because they offer:
One drawback with smart contracts is that they cannot be amended once written, but some might argue that it is also their strength.
Any cryptocurrency that is hosted on the Ethereum blockchain becomes an ERC20 token. An ERC20 token for any project works like Bitcoin as it holds value and can be sent or received by anyone.
ERC20 tokens are basically smart contracts that can be stored on Ethereum addresses and require you to pay a gas fee to transfer it from one address to another. The gas fee varies on multiple factors and depends on the network congestion.
Since the Ethereum 2.0 upgrade from a proof-of-work (PoW) consensus mechanism to a proof-of-stake (PoS) model, we have seen the Ethereum network become faster (handling over 100,000 transactions per second) and more energy efficient.
Every ERC20 token follows the same set of rules that allows them to interact smoothly with each other.
Dapps refer to blockchain applications that are built with smart contracts. In plain words, a Dapp is a smart contract with a user interface. If the interface is the front end, then smart contracts are the back end.
Smart contracts allow users to create applications that are decentralized, deterministic, and isolated. They are also public, which means they can work as an API, and anyone can use smart contracts to build an app of their own. Dapps are hosted on the Ethereum virtual machine and are not affected by the environment or any bug in the code.
Dapps are becoming highly popular because they offer:
- Zero Downtime
- No Censorships
- Data Integrity (As they are built with smart contracts, Dapps are immutable)
- Trusted Computation
What is Ether Token (ETH)?
The Ether token, also known as Ethereum, is the native token of the Ethereum blockchain and is also the second-biggest cryptocurrency in the world in terms of market capitalization. But unlike Bitcoin, which has a limited supply, Ethereum has an unlimited supply, and at the time of writing this ETH review, there are over 120.24 million ETH in circulation.
It does not matter whether you want to create smart contracts, build dapps, or transfer your ERC20 tokens to another address; you will need to pay in Ether to perform all those functions.
Ethereum is a virtual engine that needs fuel to work, and that fuel comes in the shape of Ether.
What is the Difference Between ETH and ERC-20?
- Ether (ETH): is the native token/digital currency used by the Ethereum blockchain as a payment system for verifying all transactions on the network.
- ERC-20: is the standard for creating smart contract-enabled fungible tokens to be used in the Ethereum ecosystem. A lot of Altcoins are created using this smart contract standard.
Future Prediction: Can Ethereum Reach $10,000?
Whether Ethereum will make it to $10,000 or not has been one of the hottest topics in the crypto space. The truth is predicting the price of a cryptocurrency is extremely hard as the price is not just affected by internal factors but also by several external factors.
Ether offers great utility, and with every project that gets built on the Ethereum blockchain, it becomes more valuable. However, Ethereum is not the only blockchain out there that is offering smart contracts, and the market is getting more competitive day by day.
If we were to compare the current market cycle with the last one, we are still nowhere near the market top, and that makes a $10,000 Ethereum possible on paper.
However, there has never been this much money invested in the crypto space before, and for Ethereum to make it to $10K, it will have to achieve a market cap of $1.2 trillion.
It might seem like a ridiculous amount of money, but Bitcoin recently was also able to surpass the trillion-dollar market cap. Ethereum is next in line with Bitcoin and has a lot more applications. Ethereum has always followed Bitcoin’s path, and there is no reason to speculate that it won’t do the same this time.
On technical grounds, if Ethereum keeps following the Bitcoin trajectory, it should get to the $10,000 mark by the end of the current market cycle (early 2024).
Ethereum Price Prediction for 2025
Predicting the price of a cryptocurrency in the long term is always challenging, but with major institutions like Goldman Sachs showing confidence in the Ethereum blockchain, the future of the Ether token is likely bright.
Institutions are labeling Ethereum as the “Amazon of information” and the actual use cases for the Ether token give it more value.
According to Finder’s latest Cryptocurrency Predictions Reports, the price of the Ether token can go as high as $19,842 by the end of 2025. The report is based on a survey conducted among 35 well-respected crypto experts and financial investors.
More than 50% of the experts also stated that they believe that Ethereum will replace Bitcoin as the leading cryptocurrency by the end of 2025 and will attract trillions of dollars in investment.
Is Buying Ethereum Worth It?
Believe it or not, if you are looking to buy Ethereum, you are still early to the party. Ethereum’s market cap has increased four times over the past five months, and if it is to follow Bitcoin’s path, it is still highly undervalued.
Also, the Ethereum transition from a Proof of Work (PoW) to a Proof of Stake (PoS) Consensus mechanism with the ETH 2.0 update puts the cryptocurrency at the forefront of innovation, growth, and global sustainability.
The three-phase ETH 2.0 update improved the Ethereum blockchain;
- Network’s speed,
- Energy efficiency,
- Global scalability, and
- This caused a massive reduction in the gas fees cost.
When you combine the update with the fact that Ethereum is one of the best-performing cryptocurrencies of the past 12 months, buying Ethereum at the current price point seems like a steal.
How to Buy Ethereum?
If you are looking to board the Ethereum train, then you can purchase the cryptocurrency by simply signing up on trusted exchanges like BitFlex (for Global users) and MEXC (for US Citizens) or can trade it on Binance or ByBit. The purchasing process is easy and simple, and you can hold your assets in the exchange wallet. New investors can buy Ethereum in the following steps:
1. Choose a Trading Platform
The first thing you need to do is choose a trading platform that best suits your need. You have to take certain things into consideration during this step, including geographical restrictions, transaction fees, security, and ease of access.
It is advised that you choose from the top-ranked crypto exchanges like Binance or ByBit exchange as they are reliable and trusted by millions of people. Ethereum is the second-largest cryptocurrency in the world and is easily available on the majority of exchanges.
2. Create an Account
Once you have selected a crypto exchange, the next thing you need to do is create an account by providing your personal details on the platform. Trusted exchanges like Swissborg require you to complete the Know Your Customer (KYC) verification process, and you can only trade once the exchange approves your account.
You will have to provide your name, address, and government-issued ID scan. Once you have done that, you will have to verify the account through your email, phone, or Google authenticator.
You can also use the Bitflex Exchange as it allows you to purchase or trade Ethereum without having to go through the KYC verification process.
Check out this article: Best No KYC Crypto Exchanges: Our Top 6 Picks
3. Depositing Funds
Once you have the account ready, you can start depositing funds by using a method you prefer that is supported by your exchange. On an ideal exchange, you can deposit funds in the following manners:
- PayPal Transfers
- Direct Bank Transfers
- Credit/Debit Cards
- Cash Payments
After you have deposited the FIAT, you will be able to purchase any cryptocurrency available on the exchange, including Ethereum.
If you already own a cryptocurrency, you can easily transfer your funds from one wallet to the other. However, it is important you ensure that your cryptocurrency is supported on the exchange you choose before making the transfer.
Once your crypto coin is deposited, you can then proceed to use the convert feature on the Cryptocurrency exchange to convert your crypto coin into Ethereum.
FIAT represents a traditional payment method (bank account, debit card, or credit card) that is used to make the initial cryptocurrency purchase.
4. Trade Ethereum
You can use your FIAT to buy Ethereum on the spot market. You could set a limit order, or you can simply purchase it at the market price. If you want to hold Ethereum against the Bitcoin value, you can simply purchase Bitcoin first and can trade Ethereum’s BTC pair.
You can sign up on ByBit or Binance for both spot and margin trading. And as both those exchanges are not active in the United States, US Citizens can trade Ethereum on the MEXC exchange. New users can also sign up on PrimeXBT Covesting and mimic the trades of experts.
Planning to HODL Long Term?
If you are planning to hold your ETH for the long term, it is suggested that you withdraw your Ethereum tokens to a secure digital wallet or a hardware wallet.
You can easily do this type of Hardware wallet withdrawal from any crypto exchange you are using. And depending on the exchange fees, you will be charged a withdrawal fee, and you will also have to pay the blockchain gas fee for the transfer.
Check out these articles:
- What are Crypto Wallets and How They Work?
- The Best Hardware Wallets for 2023: Secure Your Crypto with These Top Picks
- 10 Essential Steps to Safeguard Your Crypto Wallet from Hacks and Cyber Attacks
How Much Should I Invest in Ethereum?
The general rule of crypto trading is that you should only invest around 5% to 10% of your investment portfolio into crypto as the markets are highly volatile.
The investment amount depends entirely on how much risk you are willing to take. If you plan to hold Ethereum long-term, you can also consider investing more than 10% of your investment portfolio.
Long-term holders have an advantage because they are immune to the selling pressure during a bear market (when the value of cryptocurrency decreases for a longer period) and can always wait for the market to go green. On the other hand, if you are planning to buy Ethereum for the short term, you should be more careful.
You should invest your hard-earned money after a great amount of consideration and at your own risk. This is an educational blog, and nothing mentioned here should be considered financial advice.
Ethereum Price Prediction Summary
The general public views Ethereum only as a cryptocurrency, but it is a lot more than that. Ethereum is a technological advancement that has revolutionized the crypto space. If it wasn’t for the Ethereum blockchain, the crypto markets would not have been this big, and we would not have over 4,000 different currencies in circulation today.
Financial pundits see crypto as the future of finance, and institutions are also accepting the idea slowly. The president of Coinbase, Emilie Choi, recently compared the crypto market with the early days of mobile phones, which indicates that the crypto market is yet to take off.
Ether is one of the most important cryptocurrencies in the crypto space, and with the expansion of the markets and more projects being built on the Ethereum blockchain, the demand for this cryptocurrency will only increase. If you don’t want to miss out on this opportunity, now is the ideal time to get on the Ethereum action.
How to Trade Bitcoin (BTC)?
To understand the basics of Bitcoin trading, you can read our How To Trade Bitcoin Guide. It can prove helpful for traders who are just getting started with Bitcoin trading. You can also check out our list of top Bitcoin Exchanges To Trade With.
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