Ethereum Price Prediction – The Growth of Altcoins is Stopped by Bitcoin’s Slow Price Action
Ethereum price forecast: By demonstrating durability at respective local support, the BTC and ETH values counteract yesterday’s decline. These currencies see enough downward purchasing pressure, which supports the continuation of the current consolidation period.
The worldwide cryptocurrency market was worth $846.98 billion at 11:33 a.m. EST on Wednesday, up 0.7% over the previous 24 hours. Additionally, the overall crypto market volume fell 18.79% to $32.04 billion. DeFi’s total 24-hour volume is currently $2.04 billion, or 6.37% of the total crypto market volume.
Top Gainers and Losers
Despite Bitcoin’s erratic price movement, the top two gainers among the top 100 cryptocurrencies today are the Trust Wallet Token and Bitcoin SV. The TWT price jumped 7.89% in 24 hours reaching $2.58, while the BSV price rose 6.79% to $43.68. As opposed to this, the Axie Infinity and Toncoin tokens saw worse losses, with the AXS price at $7.98 down 7.05%, and the TON price at $1.83 down 3.14%, respectively.
Buyers had better footing after a positive breakout from the $16900 barrier, and there was a chance to extend the price recovery. The post-retest, however, really failed to get above the $17160 level and started to trade sideways.
The price of Bitcoin has been oscillating within a small range between the two previously mentioned levels for more than a week. The coin price has dropped back to the $16900 level after yesterday’s decline to regain bullish momentum.
Investors might discover an entry opportunity close to the $16900 mark since they think the price of Bitcoin will soon increase. Additionally, a recovery from the aforementioned support level might push prices 7.5% higher, to $18200, provided the mood of the market improves. The safe traders, however, might postpone their participation until the price of Bitcoin crosses the $17200 threshold.
A collapse below $16800, on the other hand, will invalidate the bullish premise.
By taking a lateral path, the price of Ethereum exhibits comparable price behavior to that of Bitcoin. This altcoin broke over the $1238 resistance during the current rebound to gain further ground, but it was unable to pass the $1300 local resistance.
Additionally, a sharp sell-off in the cryptocurrency market on November 7th caused the coin price to breach the $1238 flipped support. The price of Ethereum, however, increased by 1.58% today and surpassed the aforementioned horizontal level.
The current price of the coin is $1250; the previous breakdown will be deemed invalid if the daily candle closes over the $1238 level. The purchasing pressure will increase as a result of this phony breakdown scenario, driving prices back up to the $1300 level.
In addition, a breach over $1300 may raise prices by 13%, to $1420.
Ethereum developers target March 2023 for Shanghai hard fork
- The next network update, dubbed Shanghai, has a potential deadline of March 2023, according to Ethereum core developers. Ethereum core developers have set a projected timeline of March 2023 for the upcoming network upgrade, called Shanghai.
- With the proposed change, ether staked with network validators will be usable for withdrawal.
The following hard fork, code-named “Shanghai,” which will enable the withdrawal of ether staked with network validators, is planned for March 2023 by Ethereum developers.
The Shanghai upgrade’s anticipated completion date was determined at a meeting today by the core developers. Shanghai, also known as “Ethereum Improvement Proposal (EIP) 4895,” is an upcoming update that would enable validator staking withdrawals, a function that is currently unavailable on the network.
The Ethereum blockchain does not now allow users to withdraw staked money. Shanghai would correct that and provide individuals who staked ether on the network before The Merge, the latest update when Ethereum switched to proof-of-stake consensus, with more freedom, and ease.
The proposed timeline cannot be guaranteed to be followed due to potential technical issues or other unforeseen problems.
If all goes according to plan, withdrawals will be enabled with Shanghai in the manner in March, according to Pooja Ranjan, a project manager at Ethereum Cat Herders who attended the conference and spoke to The Block.
The second hard fork, called “proto-dank sharding,” or EIP 4844, which will be introduced somewhere in the third quarter of 2023 after Shanghai and increase the network’s ability to support more transactions, was also addressed by developers.
Shard blob transactions, a brand-new type of transaction format that EIP 4844 will bring to Ethereum, will let Ethereum nodes temporarily store and retrieve off-chain data to meet the scalability requirements of blockchain apps.
FAQs – Ethereum Price Prediction – ETH developers target March 2023
Please bear in mind that the material in this article is not financial or investment advice. The information in this article is strictly the author’s opinion and should not be interpreted as trading or investment advice. We make no assurances about the completeness, trustworthiness, or accuracy of this content. The cryptocurrency market is notorious for its tremendous volatility and irregular moves. Before investing, any investor, trader, or the regular crypto user should perform comprehensive research and get familiar with any local regulations.
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