Bloomberg believes that Ethereum will grow in 2023 with the increase in decentralized exchanges, but for the moment the prices remain downward-oriented: let’s see how to invest with IG’s Turbo24.
Will 2023 be the year of Ethereum? While everyone is wondering whether the expected recession for next year will cause the financial markets to collapse, there are those who go against the tide and predict a price peak for Ethereum for 2023.
Bloomberg analyst Mike McGlone believes 2022 was a critical year for Ethereum, which had to overcome the upgrade that began over a year ago and the transition to proof of stake, with implications for price performance that have yet to do their course. Further, the earthquake triggered by the Russian invasion of Ukraine and the collapse of the Terra ecosystem (LUNA), as well as inflation and the recent collapse of the FTX crypto exchange have significantly changed the prospects for the entire cryptocurrency sector.
However, McGlone is optimistic about Ethereum: it is in fact the second cryptocurrency in the world by capitalization after Bitcoin and its distinctive feature is that of offering a technology used to create and enhance new decentralized tools, apps and NFTs. The Ethereum blockchain has applications in many fields from gaming, music, entertainment to decentralized finance (DeFi) and will continue to expand in the coming months/years.
Since the beginning of 2022, Ethereum has lost more than 65%, but - according to Bloomberg - it has what it takes to outperform Bitcoin and the stock market. To succeed, the price must not fall below the critical support of $1,000. Beyond the forecasts for 2023, what can happen now?
To answer this question, let’s see in detail what the support and resistance are according to the technical analysis for investing in Ethereum with IG’s Turbo24.
Ethereum: supports and resistances according to technical analysis
Ethereum reacted to the strong sell-off it suffered in early November after the FTX implosion. From the lows reached at 1,074 dollars, prices achieved a good recovery, reappearing in the 1,300 area, in contact with the exponential average at 50 sessions and with the 38.2% retracement (Fibonacci) of the decline from the peak at the beginning of November . Overcoming this reference will be needed to send a first signal of confidence, but only over $1,350, the high of November 10, would the double minimum be completed with a base at 1,074 for targets at 1,600-1,640. In the opposite direction, however, the loss of the first supports at 1,200 dollars would bring the prices back into contact with the critical supports at 1,000. The breach of this level would pave the way for the lookers to negative targets at $700.
Now let’s see how to invest in Ethereum with IG’s Turbo24 Certificates
Invest in Ethereum with IG’s Turbo24 Certificates
To invest upwards in Ethereum, we are waiting for $1,350 to be exceeded for targets at $1,600. We insert the stop loss below $1,200.
Ethereum Daily Chart. Source: IG Trading Platform
Original article published on Money.it Italy 2022-12-09 08:50:00. Original title: Il 2023 sarà l’anno di Ethereum (secondo Bloomberg). Cosa può succedere ora?
