A recent survey conducted by OKX has revealed that 63% of respondents believe that Ethereum (ETH) will reach $5,000 by the end of 2023. The survey also found that 83% of participant expect more ETH to be staked in the next three months. Wu Blockchain, a popular cryptocurrency analyst, tweeted the results of the survey on April 7th.
At the time of writing, ETH was trading at $1,876.17, up by 0.42% over the last 24 hours. This adds to the cryptocurrency’s already-positive weekly price movement of +2.79%. However, in the last 24 hours, ETH has been outperformed by Bitcoin (BTC), and is currently down 0.18% against the market leader.
ETH’s price broke through the resistance level at $1,710 in mid-March 2023 and has since established it as a support level. The break occurred after the 9-day EMA line crossed bullishly above the 20-day EMA line in just a few days prior. This allowed ETH to break through the key price level at $1,850, which it is currently trading above.
However, ETH’s price seems to have established a peak at $1,942.98 on April 6th and has since retraced back to the $1,850 mark. If ETH’s price fails to close above this level today, it may drop to the next minor support level at $1,781 within the next 14-48 hours.
Overall, while the majority of survey participants believe that ETH will reach $5,000 by the end of 2023, it remains to be seen whether this prediction will come to fruition. ETH’s current price movement suggests that the cryptocurrency is experiencing some consolidation after a recent bullish run, and it is unclear when and if it will break through its current resistance level to reach new highs.