ETH, the native cryptocurrency of the decentralized Ethereum blockchain, entered a consolidation phase on Thursday near the $1,250 mark after posting decent gains in the first few days of the week. Indeed, despite falling almost 2% from Wednesday’s highs in the $1,270 area, ETH is still up around 4% this week, after breaking through its 21 and 50 moving averages. days Wednesday.
The technical factors seem to have been at the origin of this rise in the absence of any specific catalyst. However, macro headwinds could be a problem for bulls (bulls), while those responsible for the Federal Reserve Bank (FED) seem to want to maintain a restrictive monetary policy.
Price prediction: what’s next for ETH?
The odds of a policy tightening from the FED could push ETH back towards its starting point for the week, in the $1,200 area. But in a positive technical backdrop, a retest at these levels could spark substantial interest in ETH. After the break of the medium-term downtrend earlier in the week, the bulls are targeting a possible test of the December highs in the $1,340 area, as well as a potential test of the 200DMA at $1,390.
However, ETH’s advance beyond these levels faces more challenges. Indeed, the cryptocurrency remains stuck in a downtrend channel in play since July 2022. may not be imminent in the weeks or months to come.
How high can ETH go in 2023?
That being said, many expect the macro outlook to improve later this year. Many economists believe that US inflation will continue to fall rapidly towards the Fed’s 2.0% target, which should allow the US central bank to cut interest rates to support growth. This could lead to a sharp rise in the price of risky assets. The bulls are hanging on to hopes that the market’s second-largest cryptocurrency by market capitalization could rebound to pre-‘merger’ highs in the $2,000 region last August.
New updates could boost Ethereum
The Ethereum blockchain protocol will also undergo a number of key changes/upgrades which may also increase investor interest. The first major upgrade will be the “Shanghai” hard fork, which is scheduled for March.
The deployment of this hard fork will allow validators of the ETH network to withdraw their tokens placed in staking to secure the network. Analysts believe that by allowing withdrawals of staked ETH, more investors will be attracted to staking, the return of which is normally around 4-5%. Some predict this could significantly boost demand for cryptocurrency.
Ethereum developers also hope to make progress in improving the scalability of the Ethereum blockchain through “sharding”, a technology that involves dividing the Ethereum network into multiple parallel blockchains (shards), allowing more data to be processed and of transactions. The developers have tentatively scheduled an upgrade for the fall.
Altcoins to consider
With the crypto market still struggling at the start of 2023, traders/investors might look to diversify their holdings with assets that are more likely to show short-term gains. Here is a list of pre-sale tokens associated with very promising crypto projects selected by Cryptonews.
Fight Out (FGHT): launch of the pre-sale
Fight Out, a brand new move-to-earn (M2E) fitness app and gym chain looking to bring fitness life to web3, has opened its pre-sale and investors believe the project could transform the landscape Existing M2E from web3. While existing M2E apps, such as STEPN, only track steps and require the purchase of expensive non-fungible tokens (NFTs) to participate, Fight Out takes a more holistic approach to tracking and rewarding its users and requires no purchase.
Fight Out FGHT tokens are currently selling at 60.06 for 1 USDT, and interested investors are encouraged to act quickly to purchase their tokens, as the pre-sale has already raised over $2.65 million in just a few minutes. weeks only. FGHT is the token that will power the Fight Out crypto ecosystem.
Dash 2 Trade (D2T): the pre-sale enters its final phase
Those looking to invest in a promising crypto trading platform should look no further than Dash 2 Trade. This social analytics and trading platform hopes to establish itself as a benchmark in the crypto trading space thanks to its many unique features.
These include trading signals, social and on-chain sentiment indicators, pre-sale token rating system, token quote alert system, and strategy back-testing tool. The Dash 2 Trade ecosystem will be powered by the D2T token, which users will need to purchase and hold in order to access platform functionality.
The Dash 2 Trade pre-sale has now ended but due to massive investor demand the tokens are still on sale. Total sales just topped $13.7 million and the pre-sale dashboard will be released soon as the development team is currently ahead of schedule. The tokens are currently selling at $0.0533 each and will be listed on several centralized exchanges starting this month.
C+Charge (CCHG): pre-sale in progress
The carbon credits industry is expected to be worth $2.4 trillion by 2027. Democratizing access to these benefits is going to be a massive opportunity in the years to come and crypto start-up C+Charge hopes to capitalize on it . C+Charge is currently implementing a blockchain-based Peer-to-Peer (P2P) payment system for EV charging stations, which will allow electric vehicle (EV) drivers to earn carbon credits.
C+Charge aims to reinforce the role of carbon credits as a key incentive for EV adoption. Currently, big EV makers like Tesla are making millions selling carbon credits to polluters. C+Charge wants to democratize the carbon credit market by allowing more of these rewards to end up in the hands of EV owners, rather than large corporations.
C+Charge has just launched the pre-sale of the CCHG token that its platform will use to pay for EV charging stations. The tokens are currently selling for $0.013 each, but by the time the presale ends, that price will have increased by 80%. The project has already raised nearly $78,000 in just a few weeks. Thus, investors interested in early participation in a promising eco-friendly crypto project should act quickly.