Ethereum (ETH) is the 2nd biggest crypto asset in terms of market cap. And ever since 2023, Ethereum (ETH) has been on an upward trajectory and continues to pierce one resistance level after another. But the biggest question is whether this positive momentum will also continue in February or not.
According to the forecast made by a machine learning algorithm, the price forecast for Ethereum (ETH) on 1st February 2023 is $1582. This price is higher than the current trading price of $1435, which suggests more upside is ahead.
If we look at other technical indicators such as RSI, MACD, MA, and BB, they also point towards a price increase by the end of January 2023.
For now, Ethereum is trading near $1535 and still continues to retain its YTD gains. In addition, the market cap of Ethereum (ETH) is close to $188 billion, which is way ahead of other cryptocurrencies.
In particular, the indicators from TradingView are also bullish for the short term. So even on that front, Ethereum (ETH) is looking extremely bullish, which is a good thing.
If we look at the fundamental overview of cryptocurrencies, we have seen an uptick in the web 3 development activity. In addition, Ethereum (ETH) is now using proof-of-stake (PoS) instead of proof-of-work (PoW), which is also making the cryptocurrency more bullish.
And last but not least, Ethereum (ETH) has also become favorable for big institutions since it now consumes less energy.
But it will still be too soon to go super bullish on Ethereum (ETH) as it is till only a few weeks into 2023, and there's still the rest of the year ahead... In addition, the economic situation in 2023 could get worse due to inflation and high-interest rates. Both of these things will lead to an economic slowdown that will ultimately affect consumer spending and consumer wages.
However, the short-term forecast for Ethereum (ETH) remains bullish based on the analysis done by A.I. tools!