Ethereum price has climbed 1.5% in the past 24 hours, so as to surpass the $1,865 mark as trading volume now hovers above the $8 billion threshold.
This price rise tells us that there is not really a noticeable change from last week’s levels, with a gain of almost 4% in the last 30 days, this while Ethereum has enjoyed a 56% increase since the start of 2023.
Now that the Federal Reserve’s key rate hike is now confirmed, the day’s modest gains on ETH may well be wiped out in the near future.
Nevertheless, Ethereum is still showing positive signals for long-term focused investors as withdrawals from staking ETH have continued since the launch of the Shanghai Update last month.
Ethereum Price Predictions: Trading Volume Surpasses $8 Billion Mark
The course of the price of ETH continues to suggest that the second most important cryptocurrency in the ecosystem unfortunately continues to operate on relatively unstable ground.
This observation is confirmed by the relative strength index (in purple) which has fallen below 50 in the last few days, and could even continue its slide to an even lower point by next week.
Similarly, ETH’s 30-day moving average (in yellow) recently crossed above its 200-day moving average (in blue), a pessimistic sign that suggests a temporary price dip is ahead. plan for the days to come.
Another element supporting this concern is that the price of ETH has fallen below some of its key support levels in the recent period, particularly the $1,850 one.
Thus, it is legitimate to wait for Ethereum to continue its downward momentum before seeing a significant rise. This phenomenon, however, benefits the whales who seem to be taking the opportunity to accumulate a large number of ETH at a reduced price in anticipation of the years to come.
It should be pointed out, however, that a few traders with large crypto wallets seem to be moving substantial sums on trading platforms, no doubt awaiting a hypothetical sell-off.
Although this last point is relatively mixed, the fundamentals of Ethereum still remain as solid as before, and they have even been strengthened with the recent move to the Shanghai update.
The latter has made it possible to add the possibility of withdrawing ETH placed in staking and previously blocked, a measure which will most certainly increase the number of tokens placed in staking over the long term, thus leading to an increase in demand for ETH from the from investors.
In addition to that, Ethereum continues to benefit from an ever more massive adoption with the general public unlike most other Layer 1 networks. It is possible to cite the example of Société Générale, one of the largest French banks, which is currently pursuing the development of a stablecoin based on the Ethereum blockchain.
All of this comes on top of other positive adoption news this year, including Visa’s use of Ethereum for USDC payments and also the Coinbase’s new layer-two networkall of which paint the picture of an increasingly successful blockchain.
For this reason, it is certain that ETH’s return to the $2,000 level is only a matter of time, and if the market as a whole points towards upward momentum, the price of Ethereum could easily hit $2,500 or even $3,000 in the next few months.
Click here to buy Ethereum
A new platform that is revolutionizing the Web3 sector
Of course, it’s always important to remember that the gains we’ve talked about over the course of this article aren’t going to happen overnight, so traders who are looking for altcoins that are more likely to experience significant upside at short term will undoubtedly prefer to position themselves on other altcoins.
Projects currently in the pre-sale phase are particularly interesting for investors looking for gains on a short-term horizon, based on historical data, we observe that these most often represent particularly interesting opportunities.
One of the pre-sales that are generating the most excitement from the market right now is Launchpad XYZ (LPX), a project that presents itself as an ecosystem dedicated to investors who want to join the Web3 sector.
Launchpad XYZ opened the presale for LPX, its native token, just a few days ago and has already raised over $160,000 in its presale.
What’s most interesting about Launchpad XYZ is that its platform will combine the various elements, applications and features of the Web3 space that have so far remained relatively siloed and out of reach for novice users.
This project brings together various functionalities such as a crypto wallet on which it will also be possible to store NFTs, but there will also be the presence of a portal to a wide range of games using Play-to-Earn mechanics, as well as a launchpad for presale projects. In addition, an analysis platform focused on the crypto sector and using artificial intelligence technologies will also be available.
Investors can join the Launchpad XYZ project presale right now by visiting the official website and connecting their crypto wallet, while the price of the LPX token is currently set at $0.035.
However, it is important to note that this price will soon rise to $0.0375. So wise investors will not hesitate to position themselves now to take advantage of a purchase at a reduced price. This while the price of the token when listing on exchanges will be $0.07 which is a 100% increase.
Click here to visit Launchpad XYZ Now official website