Ethereum price gained nearly 2% in the last 24 hours, pushing the latter above $1,855which represents an increase of 2% compared to its price last week.
This movement comes as a result of the activation of withdrawals of ETH placed in staking on Lidoa phenomenon that has also led to significant outflows of ETH tokens, since the opening of withdrawals last week.
On the other hand, the vast majority of these outflows come from a single entity, namely the now bankrupt cryptocurrency lender Celsius. Clearly, this means that almost all of the other players who made ETH deposits for staking did not make withdrawals.
This observation allows us to deduce quite easily that the price of Ethereum will enjoy a gradual but significant rise over the next few months, mainly due to the fact that the ever-increasing number of ETH tokens placed in staking will end up putting up a lot of pressure on total circulating token supply. Note that this mechanism is far from the only upward factor that the second most important blockchain in the crypto ecosystem has.
Price predictions for Ethereum: what future for the second most important blockchain in the crypto ecosystem?
The indicators regarding the ETH token are in a particularly promising position, with a positive trend that is manifested by the peak of its relative strength index (RSI) which exceeds the score of 70 this morning, while the buying pressure continues to continue.
At the same time, the 30-day moving average of the ETH token (in yellow) has climbed above its 200-day moving average (in blue), which underlines that the bullish momentum could continue (and even increase). ) in the next few days.
The keystone in this upward rally is the resistance level at $1,870savvy investors will keep an eye on this checkpoint which was hit but not exceeded just a few hours ago.
In confirmation with the elements mentioned before, it is also important to point out that ETH has a trading volume that exceeds the $7 billionwhich gives Ethereum a very high probability of a price increase in the near future.
This rise will most certainly be favored by the arrival of new funds placed in staking on Lido, which is, as a reminder, the largest staking platform in the crypto ecosystem.
In total, Lido currently has more than 6.65 million ETH tokens staked on its platform, which is nearly equivalent $12.1 billionand even if we observe a majority of outflows since the opening of the withdrawals, these are mainly linked to a company called Celsius, which is now bankrupt and desperately needs to recover its capital as soon as possible.
Concretely, the possibility of withdrawing ETH tokens placed in staking did not lead to an avalanche of sales and a massive downward movement, contrary to what some analysts who seem more than pessimistic on this subject claim.
On the contrary, this mechanism will most certainly encourage more investors and financial actors to place ETH tokens in staking over a long-term horizon, with on-chain data from Dune revealing that the total amount of ETH placed in staking has only increased since the Shanghai update in April.
These figures bode very well for the coming period and indicate a bullish sentiment that will gradually spread within the crypto market. An observation that builds on the fact that Ethereum has also gone through deflationary periods recently, as cryptocurrency burns transaction fees.
Added to this is the latest news regarding the adoption of the Ethereum blockchain by banking behemoths like Societe Generale and Visaor by Coinbase’s layer 2 type network, this cryptocurrency definitely has a privileged place to start the next phase of bull run which is going to shake up the crypto market.
From its current starting point of around $1,800, the second cryptocurrency could possibly climb to $2,000 in the coming weeks before coming to test the threshold of $3,000 at the end of 2023.
Click here to buy Ethereum
What are the other interesting altcoins in the current period?
Even though Ethereum is most certainly a winning bet on the future period due to its fundamental characteristics and the points we have studied throughout this article, it is far from the only altcoin with strong growth potential. in the crypto market.
Many projects also present significant ROI opportunities in the coming weeks. We find among them Ecoterra, a cryptocurrency based on the Ethereum blockchain which is based on the innovative principle of Recycle-to-Earn and who has already succeeded in raising $4.1 million as part of its pre-sale for the ECOTERRA token.
With its launch scheduled for just a few months, the Ecoterra platform offers its users the opportunity to generate rewards in the form of NFTs and ECOTERRA tokens through recycling.
This promise generates strong market enthusiasm, which in turn has attracted a large number of investors. Now, the presale of the project is in its seventh phase, which implies that the price of the token ECOTERRA is today pegged at $0.008500.
This price will very soon increase to $0.001, so savvy investors only have a few weeks left to position themselves on this project if they wish to benefit from a reduced price on their purchase of ECOTERRA tokens.
Click here to visit the official website of the Ecoterra project
One of the other projects that could potentially be of interest to our readers is called AiDoge, it is a platform that makes it easy to create memes through the power of artificial intelligence technologies and generate passive income streams based on their popularity within the community.
With its launch scheduled for the third quarter of 2023, this project has managed to raise the record sum of $11.5 million as part of its presale started at the beginning of April for the AI, namely its native token.
If you want to know more, do not hesitate to consult the official site of the AiDoge project or to join the community on TwitterTelegram and Discord.