ETH, the cryptocurrency that powers the Ethereum blockchain, was changing hands around $1,275, up nearly 6.5% over the past seven days according to CoinMarketCap. Cryptocurrencies alone rose 6.5% on Wednesday as traditional risk assets like US equities rallied in the wake of a more dovish-than-expected message from US Federal Reserve Chairman Jerome Powell on the possibility of more rate hikes in the coming months . Price predictions have turned bullish in the wake of the latest move higher.
Ethereum was trading slightly lower on Thursday amid profit-taking but has gained nearly 18% since printing a double bottom below $1,100 earlier this month. Fresh US data (Core PCE Price Index) released on Thursday supported the view that inflation in the US is coming down faster than expected, supporting the view that the US central bank may not be as hawkish any longer. Will have to be As a result, the USD is selling and US equities could easily get bid up once again, which could further create a position for ETH.
Ethereum Price Prediction – How High Can ETH Go?
To the upside, ETH bulls will be eyeing the cryptocurrency to test the 50-day moving average at $1,335, 100-day moving average at $1,400 and 200-day moving average at $1,470. But even if Ethereum manages to break above all of these levels fueling a broader crypto rally from macro-optimism in the coming weeks, it doesn’t mean the cryptocurrency is out of the woods.
Ethereum remains locked within a descending trend channel that has been suppressing price action since late summer 2022. A move above this trend channel will require a decisive break above $1,500. The cryptocurrency continues to reel from the effects of FTX’s sudden collapse earlier last month and hang on to sentiment, so betting on an upside move of more than 25% from current levels may be a bit premature.
However, if Ethereum is able to post a break above its current downtrend, it would open the door for a test of the September high in the $1,800 area as well as the August peak of “merge” optimism in the $2,000 area. This would mark a massive rally of 60% from the current levels.
ethereum to shutter ropsten testnet
Ethereum developers are first moving forward with the shutdown of one of the network’s most important public testnets, the Ropsten testnet. According to Tim Beiko, senior developer at Ethereum, “Many infrastructure providers and validators have already stopped supporting the network, and we expect the remainder to shut down their nodes in the coming weeks”. .
https://twitter.com/TimBeiko/status/1598016968539639813
The shutdown of the testnet is widely expected, and will be followed by the Rinkeby testnet shutdown in mid-2023. Developers building on these testnets are moving their projects to the Goerli and Cepalia testnets, both of which will continue to be used for years to come. As Ethereum merged from Proof of Work to Proof of Stake consensus mechanisms, Ropsten and Rinkeby are no longer seen as the perfect environment for application testing and development.
Dash 2 Trade (D2T)
Those looking to invest in a promising crypto trading platform start-up should look no further than Dash 2 Trade. The up and coming analytics and social trading platform is expected to take the crypto trading space by storm with its unique features. These include trading signals, social sentiment and on-chain indicators, a pre-sale token scoring system, a token listing alert system, and strategy back-testing tools.
Dash 2 Trade’s ecosystem will be powered by D2T tokens, which users will need to purchase and hold in order to access the platform’s features. Dash 2 Trade is currently conducting a token pre-sale at highly discounted rates. The D2T token sale recently raised over $7.65 million and the sale will soon enter its fourth phase, which will see the token pre-sale price increase from $0.0513 to $0.0533.
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