Ethereum, the primary token in the world’s largest smart contract ecosystem, climbed above $2,100 for the first time since May. Ethereum price blasted through the resistance at $2,000 after a successful Shepela upgrade previously referred to as the Shanghai on April 12.
bitcoin and both Ethereum It has continued to exceed investor expectations since the beginning of the year and emerged strong especially during the banking crisis in the United States.
Three crypto-friendly banks including Silvergate Bank, Signature Bank and Silicon Valley Bank (SVB) collapsed in March. Since then, regulators have been rushing to provide oversight, a situation that has been troubling many crypto-based companies that have been unable to find banking partners.
Ethereum price doubles on uptrend
Ethereum price remained briefly above $2,100 on Saturday, with its uptrend mainly supported by a Shepela upgrade. A daily close above this level is needed for the bulls to maintain their lead relative to bearish progress.
Such a move with an optimistic outlook from the Moving Average Convergence Divergence (MACD) implies that the path of least resistance is to the upside.
Currently, all eyes are on the $2,000 resistance as if it breaks, it will propel the Ethereum price towards $2,400 or higher.
The hype surrounding the start of a bull market is attracting investors into the market. Often this fear of missing out (FOMO) helps build momentum during up-trending markets.
Could Ethereum Reach $5,000 in 2023?
Ethereum price is aptly positioned to rally after its remarkable performance since the beginning of the year. This week’s move above $2,000 confirmed the early stages of a bullish market.
its elder brother, Bitcoin explodes above $30,000 Changing technical outlook to $38,000 for a possible rally in the coming weeks. Apart from the momentum surrounding the Shepela upgrade, Ethereum price is following in the footsteps of Bitcoin.
A massive rally in Ethereum price to $5,000 will happen only if the market checks several boxes in the coming months. For example, Ether must hold the new support at $2,000 at all costs.
However, this can’t be guaranteed even with a successful Shepela upgrade, which allowed investors who staked ETH to withdraw their tokens and earned rewards, as the network went proof-of-stake (POS) for the first time. PoS) became the protocol.
To keep up with the rising demand for Ethereum, whales must retain their wallets. Another big factor to consider is the regulatory landscape in the industry.
Europe is moving one step closer to a clearer regulatory framework, with a vote on the Markets in Crypto-Assets (MiCA) expected later this month.
However, the situation in the US is still unclear and there is no hope for a resolution in the near term. The SEC vs Ripple lawsuit summary judgment may provide some clarity in May, but probably won’t.
All the same, the US outlook for digital assets in 2023 could shape the market for a bull run or extend the crypto winter.
That said, Ethereum price continues to show strength in the bullish camp and a move above $2,000 could mark the start of a sustainable climb towards $5,000.
Love Hate Inu Presale Hype Explodes, Eyes $10 Million
The cryptocurrency market is witnessing the birth of a new ecosystem that has the potential to rival both Dogecoin (DOGE) and Shiba Inu (Shib).
For the first time in the cryptocurrency industry, community members will be rewarded for their opinions on the world’s most popular topics.
Users will be allowed to create polls on various topics, be it politics, entertainment or social issues.
Love Hate Innu’s voting system is secure, decentralized, and cannot be manipulated thanks to a rule that requires staking LHINU tokens for at least 30 days to participate in an election .
The more you stake and the longer the duration of your stake, the more voting power you accumulate.
The team is keen to ensure that the future of the project is not undermined in bad faith by some. Therefore, an anti-rub pull mechanism has been installed.
Note that 90% of the total supply of the ecosystem is currently available to investors in the pre-sale. The remaining 10% is allocated to support the token listing.
Love Hate Inu believes it is building the project on a strong foundation by distributing the majority of tokens to community members.
So far, Best Crypto Presale for 2023 Raised $4.2M – one step closer to $10M goal.
Each LHINU token goes for $0.000115 at the moment, but investors should act quickly before the price hits $0.000125. Love Hate Inu will be listed on exchanges for the first time at $0.000145.
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