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.
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