Ethereum Price Prediction – Analysts: ETH Close to Bitcoin?

Ethereum’s price continued to rise this week, but the gains were short-lived and ETH quickly fell back to $1,510. ETH/USD is currently at $1,549.40, up 1.30% in the last 24 hours and up 10% in the last week.

Ethereum Soulbound Web3 Identification Protocol Announcement

According to a January 17 press release, Masa Finance, the first Ethereum Virtual Machine (EVM), has announced the first soul-bound identification protocol for Ethereum’s mainnet. The platform will accelerate the creation of standard soul-bound tokens for Know Your Customer (KYC) verification, credit ratings and other Use Cases on Ethereum.

In addition, the mainnet launch of the Masa Soulbound Identity will require the development of an on-chain Soulbound Token protocol and the design of such a protocol to enhance the Web3 ecosystem.

According to a press release from Masa co-founder Brendan Playford, identification should be as easy for users to create as an NFT and as easy for developers to implement as an ERC-20 smart contract.

The project offering this new protocol will let you develop tokens on Ethereum or all ERC-20 tokens. This in turn can be very beneficial for all Ethereum users and there are many benefits including price stability and much more.

Shanghai update

At the time of writing, the number of Ethereum (ETH) validators stands at 503,660 according to BeaconScan statistics. This has created enthusiasm around the new update. Before the Shanghai upgrade, a hard fork that will take place in March 2023, the developers of Ethereum created a new test network on January 11, and this new developer test environment is also known as devnet 2.

The Shanghai update contains several Ethereum improvement proposals. The upgrade starts the “Surge” phase of the ETH cycle. This cycle is an attempt to improve the network infrastructure and scalability.

The Ethereum team has reached the milestone of implementing the Shanghai fork on time. This announcement comes after developers completed an upgrade to Ethereum’s code on January 9, 2023. The announcement says that Ethereum withdrawals will continue without interruption.

Starting with the planned Shanghai update, traders holding ETH holdings will be able to stake these coins and send them to the Beacon Chain. The possible increase in demand for Ethereum on exchanges may cause a price increase for Ether.

Increasing institutional interest

On January 19, Matt Hougan, CIO of Bitwise Asset Management, said in an interview that institutional interest in ETH strike has increased after the “Merge.”

Staking is a method of getting incentives to hold a specific token (in this case ETH) for a certain period of time. People stake their ETH for the security of the network and are rewarded with dividends or additional compensation.

In addition, a recent survey found that many institutional investors were considering buying Ethereum and other alternative currencies.

The growing technological development of cryptocurrencies and improvements in the ecosystem have had a notable impact on institutional adoption. Furthermore, institutional interest in ETH stakes could be beneficial for ETH/USD.

Ethereum price

Ethereum is currently trading at $1,549.70 with a 24-hour trading volume of $6.4 billion. CoinMarketCap ranks Ethereum #2 with a live market cap of $190 billion.

The ETH/USD pair bounced off $1,510, a 23.6% Fibonacci retracement level, and is now slowly moving towards the next resistance level at $1,610. The 50-day moving average also supports the Ethereum price near $1,510.

The leading technical indicators such as the RSI and MACD indicators signal a bullish sentiment. The RSI is at 56 and thus quite neutral, while the MACD is in a bullish zone. In a short time the MACD may be back in a bearish zone, so watch out.

Ethereum ETH Price Chart
Ethereum Price Chart – Source: Tradingview

If support breaks at $1,500, Ethereum is likely to drop to a low near $1,440 based on the 38.2% Fibonacci retracement. If the decline in ETH continues, $1,350 could be breached and the dollar could face a tough time.

The $1,500 support level is likely to cause a net increase in price to $1,660, which acts as a resistance level.

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Meta Masters Guild (MEMAG)

The Meta Masters Guild has seen tremendous growth, rising from $200,000 to an impressive $684,906 in a matter of days. This phenomenal increase suggests that the public has great confidence in the company’s future expansion and ability to generate profits.

Meta Masters Guild will launch its first mobile game in Q3 2023. MEMAG, their proprietary cryptocurrency, will allow users to exercise administrative privileges, participate in stake activities, and purchase goods and NFTs on the network.

In addition, they want to develop play-to-earn and Web3 games to provide an even more interesting gaming experience.

Early investors have a limited opportunity to participate in the MEMAG presale, which is currently offering 1 MEMAG for $0.01!

However, this price is likely to increase in less than two weeks, so interested buyers should act quickly if they want to buy the cryptocurrency at its cheapest possible price. Don’t miss out on this amazing seven-step deal!

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