Ethereum price surges 5.5% in last 24 hours, on a day the cryptocurrency market was rocked by shocks CFTC Is Charging Binance With a variety of compliance violations.
ETH is now up 11% in the last 30 days and 52% since the beginning of the year, this news helped the coin CFTC Chairman Rostin Behman yesterday reaffirmed his view that it should be treated as a commodity.,
At a time when exchanges – and some token issuers – are facing legal action, this statement from the head of the CFTC serves to highlight the relative safety of investing in ETH, as well as the token’s rock-solid fundamentals. help beat it the most. in the top 100 over the past few weeks and months.
with and shanghai upgrade Due April 12, it could see further gains in the near (and distant) future, potentially with institutions engaging in ETH staking.
Ethereum Price Prediction as CFTC Chief Behnam Again Calls ETH a Commodity – Can ETH Overtake Bitcoin?
The indicators for ETH show that the coin still has some gas left in the tank in its current rally, even though it has been steadily rising for most of the year (so far).
Following the March 30 close, its Relative Strength Index (purple) is about to cross 60, indicating increasing buying momentum.
ETH’s 30-day moving average (red) also shows no immediate signs of stopping its climb relative to the 200-day average (blue), which bodes well for further gains in the coming days.
In fact, based on its current momentum alone, ETH has every chance of reaching $1,900 in the near future, provided the market does not suffer any further regulatory setbacks.
However, this is a real possibility at this point, is Coinbase Is Facing Possible Legal Action From The SEC and the aforementioned move by the CFTC to charge Binance with a variety of alleged misdeeds.
That said, Behnum’s comments above suggest that Ethereum itself is safe from any regulatory loopholes.
Not only that, but Ethereum’s fundamentals remain quite strong, with its roadmap indicating that further gains could follow.
Most immediately, the all-important Shanghai update is now live on the Goerly testnet, with a full rollout due in just a couple of weeks.
Shanghai will enable the withdrawal of staked ETH (including staking rewards), which is likely to add to the bullish momentum for ETH after completing the upgrading process that began with last September’s merge.
yes some has claimed that the update will result in an increase in selling pressureYet this is actually very unlikely.
The developers have designed Ethereum’s staking process in such a way that there is a limit on how many full withdrawals can be made in a single day.
As of writing, this limit currently set to 1,575 full withdrawals per day, given that Total Active Validator Number is between 458,752 and 524,288.
moreover, A significant portion of Ethereum validators are actually at a lossWhich means that many would prefer to wait before unstaking (and possibly selling).
All of this makes Shanghai a net-positive for Ethereum, with some experts expecting it to invite increased stakes, particularly from institutional investors.
This includes JPMorgan analyst Nikolaos Panigirtzoglu, who predicted a research note published in February Ethereum’s staking ratio will increase to 60% after the completion of Shanghai.
If true, this would mean that approximately 60% of the circulating supply of ETH would be locked up through staking, and this in turn would increase buying pressure on the coin’s price.
Adding to this buying pressure is the fact that ETH has become a semi-deflationary token since the merge and EIP 1559, with its protocol now burning more than ETH during busy periods (and Ethereum rising more with each passing month). becoming increasingly busy with).
Because of this, ETH has a real chance to cross $2,000 in the next few months, and even closer to $3,000 by the end of 2023, assuming a more bullish market.
From there, a return to its current all-time high of $4,878 could be possible next year, something that could potentially see ETH overtake BTC in terms of percentage gains.
Ethereum alternatives
ETH remains a very strong cryptocurrency given its positive momentum in recent weeks and its solid fundamentals.
However, it is not the only coin in the market that has potential, with a variety of new altcoins also promising above-average gains in the near and more distant future.
cryptonews The Industry Talk team has studied such coins and put together a list of the top 15 cryptocurrencies for 2023, each with good short-term and long-term prospects.
This list is regularly updated with new altcoins and ICO projects.
Disclaimer: The Industry Talks section features insights by crypto industry players and is not part of the editorial content of 0x0news.com.