Is Ethereum Price Holding above $1,600? Are There Open Roads to $2,000 per Week?

Is Ethereum Price Holding above $1,600? Can Ethereum Price Hold Above $2,000 in Week Ahead

The second most popular cryptocurrency, Ethereum, opened at $1,626.68 on January 22. It has reached its maximum value at $1,635.64 while it is currently trading at $1,609.35. The ETH/USD trades at $1,625.85. This is a decrease of 0.84% over 24 hours. The price of Ethereum has risen by nearly 5% over the past week.

Raised Active Ethereum addresses

The number of Ethereum addresses that have a balance higher than zero is on the rise. Glassnode data shows that Ethereum reached an all-time record of 92.5 million addresses last week.

Active addresses are the number of unique addresses that were transferred as a sender or recipient. This only applies to those who have completed a transaction successfully.

There has been an increase in active addresses on Ethereum. This indicates that Ethereum users are using the network to run programs, rather than just keeping them in their wallets.

Ethereum/USD could benefit as Ethereum network activity and usage reach new highs.

Shanghai Upgrade Worries Developers

The next scheduled Ethereum blockchain update will be the Shanghai Upgrade. It will occur in March 2023. This upgrade will allow for the gradual removal of the more than two-year-old stale ETH that has been in the beacon since the beginning.

There are all indications that Shanghai will launch in March. However, some Ethereum core developers have raised concerns about the speedy implementation of the upgrade.

They claimed that the move was being made too quickly to avoid backlash from the public, and at the cost of technology investments that could damage the network over the long-term.

Micah Zoltu (a core developer of the network) and some other core developers are concerned about whether a recent decision not to make a technical change in Shanghai could expose Ethereum to an excessive technological debt that may have long-term unknown consequences.

Zoltu expressed concern over the call of all-core developers on January 19, saying that it seemed they didn’t think about Ethereum’s long term viability. This news has negative implications for the price of ETH/USD.

Ethereum Smart Contracts Deployment

The blockchain software development company was founded on January 17. Alchemy is now available Its Q4 2022 Web3 Development Report. According to the report, the number of smart contract executed on Ethereum mainnet increased by 300% in 2022.

The rate of smart contract implementation almost matched that of 2021, despite a weak market in 2022. According to the analysis, there were 4.6 millions active smart contracts on Ethereum blockchain by the end of Q4 2022.

Additionally, the number smart contracts that were deployed on Ethereum’s Goerli Testnet increased by 187% in the last three months of 2022. Year over year, it increased by 721% to reach an all time high of 2.7 Million.

This indicates that other decentralized applications (dapps), may soon be available on the market. The price of ETH/USD is rising because of smart contracts.

Prediction of Ethereum’s Price

The price of Ethereum reached $1,625, and there was $8 billion in trading volume over the past 24 hours. The ETH/USD pair faced significant resistance at $1,680, and then declined to support $1,610.

The ETH/USD pair established an upward channel on the 4-hour timescale. This indicates that ETH’s bullish trend may continue.

Rising demand could help Ethereum break through the resistance at $1680 and propel the price to $1,750. A negative break of $1,600 could increase the selling trend to $1.560.

Meta Masters Guild’s presale offers huge upside potential, in addition to Ethereum.

Meta Masters Guild (MEMAG).

The Meta Masters Guild’s revenue has increased from $200,000 to $550,000 in just a few short days. This impressive growth indicates that the public trusts the company’s ability to prosper and make profits in the future.

The third quarter of 2023 will see the release of Meta Masters Guild’s first mobile game. Since its inception, the MEMAG network allows users to create and manage their own currency and trade on the open markets. They are also developing games that allow participants to earn rewards and games powered by Web3, an Ethereum compatible technology.

The purchase of $10 MEMAG tokens is the minimum requirement to invest in MEMAG. Participating in the presale will earn you one token per cent. Early investors will only have a few opportunities to get involved.

By David Warsh

David Warsh is a leading expert in the field of cryptocurrency and blockchain technology. With over a decade of experience in the industry, he has a deep understanding of the intricacies of digital currencies and the potential they hold for revolutionizing various industries.