Bloomberg: The key support of Ethereum in 2023 is at 1000 mg, but it is expected to outperform Bitcoin and traditional securities|

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Bloomberg: The key support of Ethereum in 2023 is at 1000 mg, but it is expected to outperform Bitcoin and traditional securities|
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Bloomberg recently released the 2023 cryptocurrency outlook report predicting that the key support level of Bitcoin in 2023 will be $10,000 and the resistance level will be $40,000, the key support level of Ethereum will be $1,000 and the resistance level will be $3,000. While ether may continue to fall, it is expected to outperform bitcoin and traditional securities. (Recap:“Ethereum continues to fly” is approaching 1600 mg, and the correlation with Bitcoin is at a new low; Bloomberg analyst: it will outperform BTC and the stock market) (Background Supplement:Vitalik “is no longer excited about Ethereum technology”, and is more optimistic about landing applications: encrypted payment, identity ecology, and the future of DAO)

pengMike McGlone, a senior analyst at Broadcom Commodities, released a 2023 cryptocurrency outlook report predicting that in 2023, the bear market of the overall economy may cause Bitcoin to fall to $10,000 and Ethereum to the support level of $1,000. It will turn to loose policy, and Bitcoin and Ethereum will rebound.

The report mentioned that Bitcoin may fall to the support level of $10,000 to $12,000. In 2023, the key support level of Bitcoin is $10,000 and the resistance level is $40,000. If the laws of economics apply, The certainty of the Bitcoin supply halving, along with rising demand, adoption, should drive Bitcoin up over time:

Bitcoin may experience a sharp discount, falling to around $10,000, but in the long run, it is still on an upward trajectory and may return to the $40,000 resistance level.

Bitcoin chart. Source: Bloomberg

As for Ether, the report predicts that the key support level for Ether in 2023 will be $1,000 and the resistance level will be $3,000. Bloomberg pointed out that Ethereum completed the merger and upgrade this year and successfully switched to the PoS consensus mechanism. This milestone event has an impact on the price of Ethereum. In the case of a global market downturn, Ethereum has experienced a discount in the long-lasting bull market. However, Ethereum Still poised to outperform Bitcoin and stocks.

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The report mentioned that the key support level of Ethereum is $1,000. If it falls below, it may trigger more stop loss selling pressure and go through a period of pain. However, for the future of Ethereum, the report pointed out that new technologies may have Many problems, but the new supply of ether currency has begun to decline continuously, according to the laws of economics, this is beneficial to the price of ether currency.

Ethereum chart. Source: Bloomberg

Mike McGlone mentioned on the 5th that he believes that the cryptocurrency market is in the final stage of a bear market after falling by 80%. Although Ethereum has fallen, it is still up 12 times compared to 3 years ago, outperforming most asset classes. Outlook Going forward, Ethereum will continue to rise against the backdrop of increased adoption and demand, and reduced supply.

Market

The cryptocurrency market continues to slump. Bitcoin (BTC) fell below $17,000 yesterday and was reported at $16,820 before the deadline, a drop of 1.26% in the past 24 hours; Ethereum (ETH) was reported at $1,226 before the deadline, a drop of 2.9% in the past 24 hours. %.

Bitcoin chart. Source: Tradingview

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A brief analysis of “Ethereum’s No. 1 problem”, can Layer 1 private transfer be realized?

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