Rainbow chart predicts Ethereum price for 2023

Sale

At the time of writing, according to the blockchaincenter rainbow, we are in a “sell-off” for Ethereum, slowly moving into the zone where Ethereum would be “undervalued.” The rainbow chart speaks of undervalued if the price is between 2,320 and 3,282 dollars.

If Ethereum manages to reach the same zone as 2021, that would give the digital coin a price of between $14,625 and $21,231. That seems completely unimaginable at the moment, but of course crazier things have happened in this world.

Should Ethereum succeed in repeating a pattern from 2015-2016, it is even possible that the coin will ascend to the “Go back to BTC?” zone in August 2023. It is currently between the rates of USD 21,231 and USD 30,654. Measured from the current price of $ 2,100, that is huge for Ethereum.

Nearly impossible

So the rainbow chart is extremely bullish on Ethereum, but seems to paint a practically impossible scenario for the digital coin. It’s hard to imagine that Ethereum is trading above $21,000 in August. This would mean that the project would have to collapse 10 times in a period of four months.

That would mean that Ethereum will soon be at a market cap of $ 2.5 trillion in August. Especially in light of the current macroeconomic conditions, that seems like an impossible prediction for the digital currency.

There is a chance that the Federal Reserve will raise interest rates again by 0.25 percent in May and that would not be positive for crypto prices. In that respect, the continuation of 2023 seems to be difficult rather than positive for the industry.

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