Ethereum Price Prediction as ETH Reaches $200 Billion Market Cap – Time to Buy?
The ethereum price has risen by 2% in the past 24 hours, reaching $1,657 as the cryptocurrency market gains by the same percentage. Its current price means that it's static in the past week and has increased by 6% in the last 14 days, with the coin just about recovering its $200 billion market cap today.
While ETH has provided a 38.6% return since the beginning of 2023, it remains a significantly undervalued token. And with Coinbase recently announcing a layer-two sidechain for Ethereum, it could see some very big gains later in the year indeed.
ETH's indicators find themselves in a mixed position, with the coin equally capable of further gains or losses in the near future. For instance, its relative strength index (purple) has begun rising again after sinking to 50 in the past couple of days, signalling a recovery of momentum.
On the other hand, ETH's 30-day moving (red) has flattened out in relation to its 200-day average (blue). And given how much higher it is than the longer average, ETH could be due for further falls soon.
That said, any falls may be minor, seeing as how ETH has done a good job of holding its $1,600 support level. So while it may see another dip in the short-term, this is likely to be short-lived, with ETH's medium- and long-term picture pointing to growth.
Indeed, ETH's fundamentals remain so strong that it can only rise in the longer term. This has been underlined yet again by a recent announcement from Coinbase, which revealed that it's launching Base, a layer-two sidechain for Ethereum.
What's significant about this launch is that Coinbase is aiming to "onboard 1B+ users into the cryptoeconomy" with Base. Even if it succeeds in attracting only a fraction of such users, its new venture will result in
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