ETHThe native cryptocurrency that powers smart contract-enabled decentralized Ethereum Blockchain, after posting decent gains in the first few days of this week, is consolidating near the $1,250 mark on Thursday. In fact, despite now being 2% lower than Wednesday’s high in the $1,270 area, ETH is up nearly 4.0% this week, following a clean upside break of both its 21- and 50-day moving averages on Wednesday.
In light of the recent push higher, which appears to be more technically driven amid any notable pullbacks Ethereum-specific triggersshort term price prediction became more enthusiastic. However, with Fed officials sounding bullish (in speeches and via the release of Wednesday’s meeting minutes) and US labor market data (so far) being strong, macro headwinds could be a problem for bulls.
Price Prediction – Where’s Next for ETH?
So maybe the Fed’s tighter bets could push ETH back to where it started the week in the $1,200 area. But amid a positive technical picture, a retest of these levels could attract substantial buying interest. After breaking out of a medium-term downtrend earlier this week, ETH bulls are targeting a final test of the December high in the $1,340 area as well as a possible test of the 200DMA at $1,390.
However, whether or not ETH can move above these levels is another matter. The cryptocurrency is locked inside a descending trend channel that has been in play since July 2022. And ongoing headwinds for the broader crypto sector thanks to the still-very-aggressive Fed and weak US economy suggest that a major break higher in the coming weeks may not be imminent. Months
How high can ETH go in 2023?
That being said, many expect the macro headwinds to subside later this year. Many economists expect US inflation to continue to fall sharply towards the Fed’s 2.0% target, and this should eventually give the US central bank room to begin cutting interest rates to support growth, which has largely weakened. is also expected. This could result in widespread pumping of riskier assets. ETH bulls will hold on to the hope that The world’s second largest cryptocurrency by market capitalization There could be a return to its pre-“merge” highs from last August in the $2000 area.
Ethereum upgrade also boosts ETH?
In addition to potential macro tailwinds that could lift Ethereum this year, the Ethereum blockchain protocol will also undergo several significant changes/upgrades that may also whet investor appetite. The first major upgrade will be the so-called “Shanghai” hard fork, which is scheduled for March.
The main benefit of this hard fork will be that ETH network validators will finally be able to withdraw the ETH they have staked to secure the network. Analysts believe that by enabling ETH withdrawals, more investors will be attracted towards ETH staking, which is usually in the region of 4-5%. This could substantially increase the demand for cryptocurrency, some predict.
Ethereum developers also hope to make progress towards making the Ethereum blockchain more scalable through “sharding” – this is essentially where the Ethereum network is divided into multiple parallel blockchains (shards), allowing it to store more data. and allows transactions to be processed. The developers have tentatively scheduled a sharding upgrade for the fall.
Altcoins to consider
With the broader cryptocurrency market still struggling in early 2023, traders/investors may be looking to diversify their assets which gives them a better chance of posting short-term profits. Here is a list of Cryptonews.com’s favorite presale tokens from some of the most promising crypto projects.
Fight Out (FGHT) – Presale Launch
Fight Out, a brand new Move-to-Earn (M2E) fitness application and gym chain that wants to bring the fitness lifestyle to Web3, has started its pre-sales and investors feel the project is a great addition to the current Web3 M2E landscape. can change. While existing M2E applications such as STEPN only track steps and require expensive non-fungible tokens (NFTs) to participate, Fight Out takes a more holistic approach to tracking and rewarding its users for their exercise and activity. is, and does not require an expensive buy-in to participate.
Fight Out’s FGHT tokens are currently selling for $60.06 per 1 USDT, and interested investors are encouraged to act fast to secure their tokens, with pre-sales already starting at $2.65 in just a few weeks. Over a million dollars have been raised. FGHT is the token that will power the Fight Out crypto ecosystem.
Dash 2 Trade (D2T) – Pre-sale enters final phase
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.
The Dash 2 Trade pre-sale is actually sold out now, but fortunately, due to high demand from investors, the project is still selling tokens to investors. Sales have just crossed $13.7 million and with the pre-sale dashboard going to be released soon, the development team is currently running ahead of schedule. The tokens are currently selling for $0.0533 each and will be listed on several centralized exchanges starting this month.
C+Charge (CCHG) – Pre-Sale On Now
Carbon credits estimated to be worth the industry $2.4 trillion by 2027, Democratic access to reap these benefits is going to drive massive business in the coming years and it is expected to gain some crypto start-ups the C+ charge. C+Charge is currently building a blockchain-based peer-to-peer (P2P) payment system for EV charging stations that will allow drivers of electric vehicles (EVs) to earn carbon credits.
C+Charge aims to promote the role of carbon credits as a key incentive for the adoption of EVs. Currently, large manufacturers of electric vehicles such as Tesla make millions by selling carbon credits to polluters. C+Charge seeks to democratize the carbon credit market by allowing more of these awards to find themselves in the hands of EV owners rather than just large businesses.
C+Charge has just launched its pre-sale of CCHG tokens that its platform will use to make payments at EV charging stations. The tokens are currently selling for $0.013 each, although this will increase by up to 80% by the end of the presale. The project has already raised close to $78,000 in just a few weeks. As such, investors interested in getting into the early stages of an eco-friendly cryptocurrency project should act fast.
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