Ethereum Price Prediction 2023: What to Expect in the Coming Weeks

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The Ethereum price has maintained significant strength, despite the bearish clouds hanging over the crypto space. Meanwhile, the price trend has essentially been stagnant in recent days, as some key indicators turn slightly bearish.

The Ethereum price has stabilized for a week with low volatility and volume. Since the merger, the ETH price has been trading within a downtrend, making constant highs and lows. However, the merger failed to induce the required momentum as the XRP price remained largely bearish.

Nevertheless,
meanwhile, a key metric is consistently showing a bullish pattern over the next few days. Also, large whales have started accumulating more ETH, signaling positive momentum going forward.

The ETH price is currently at the low end of the last 12 months, as is the exchange supply.

This could be a bullish and bearish case for the Ethereum price in the coming days.

Supply on the stock exchanges has been declining since October and is headed for its lowest levels ever. If the supply on the stock exchange continues to decline, it could lead to a significant drop in prices.

On the other hand, the drop in supply on the stock exchanges was also a bullish sign for ETH, creating more demand, which in turn increases the price. In addition, the daily active address has also increased gigantically in the last two days.

The daily active address determines the user’s activity on the platform, regardless of whether they are selling or buying. Addresses increased by 378.85 thousand to 1.42 million in a couple of days. Meanwhile, social domination and development activity have currently halted its recovery.

Additionally, the total weighted sentiment combines positive and negative feedback and is combined with how often it has turned positive today.

Therefore, the
Ethereum (ETH) price seems to have risen above the bearish captivity to some extent and if it holds at these levels, a notable bull run could be imminent.

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