Ethereum Price Prediction: Will ETH Price Break Above $2000 Anytime Soon? | 23/01/23

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Ethereum, the second largest cryptocurrency after Bitcoin, has shown an impressive performance over the past few weeks and there are signs that the price may continue to rise. Ethereum’s current price is around $1,630, but there are expert opinions predicting a price above $2000. In this article, we will take a closer look at whether this forecast is realistic and what factors can affect the price of Ethereum. We will also look at the current state of Ethereum and the future development of the network to make a forecast for Ethereum’s future price.

Increased number of active Ethereum addresses

On January 23, the second most popular cryptocurrency, Ethereum, opened the day at $1,628. The price has reached a daily high of $1,641 and a low of $1,627.5. The ETH/USD trading pair is currently trading at $1,634, up 0.3% on the day. In addition, the price has increased by almost 9% in a week.

The number of Ethereum addresses with a balance greater than zero is also steadily increasing. According to data from Glassnode, Ethereum hit a new all-time high this week with 92.5 million addresses.

The number of unique addresses sent as recipients or senders is represented by active addresses. It only includes those who have successfully completed a transaction. In the last few weeks and months, the number of active Ethereum addresses has increased significantly. This suggests that Ethereum users are running programs on the network rather than simply holding them in their wallets.

As Ethereum network activity and usage hits new highs, ETH/USD could benefit.

Shanghai upgrade makes developers nervous

The Shanghai upgrade, the next planned update to the Ethereum blockchain, will take place in March 2023. The upgrade will make it easier to gradually remove ETH, which has been out of date for more than two years, from the beacon. All indications are that Shanghai will be ready to go in March. However, a vocal minority of Ethereum core developers have recently begun to express concerns about the rushed implementation of the upgrade.

They said it was rolled out too quickly to avoid public backlash and at the expense of technology investment that could hurt the network in the long run. Micah Zoltu, a core developer on the network, and some of the network’s other 30 or so core developers are concerned that the recent decision to forego a technical change in Shanghai could expose Ethereum to excessive technological debt with unknown long-term consequences.

On January 19, Zoltu expressed concern over the decision of the core developers, who apparently did not think about the long-term development of Ethereum. The news is not favorable for the ETH/USD price.

Using Ethereum Smart Contracts

On January 17, the latest development report for Q4 2022 was published by blockchain software development company Alchemy. The report states that the number of smart contracts running on Ethereum’s mainnet increased by 300% in 2022. Moreover, the increase in smart contract implementation almost mirrored the growth rate in 2021 despite the weak market in 2022. At the end of last quarter by 2022, according to the analysis, it has given over 4.5 million active smart contracts on the Ethereum network.

In addition, the number of smart contracts deployed on Ethereum’s Goerli testnet increased by 187% in the last three months of 2022 and by as much as 721% year-over-year to a record high of 2.7 million.

This suggests that more decentralized applications (dapps) may be coming soon. Therefore, the increase in smart contracts is driving the price of ETH/USD.

Ethereum Price Prediction

In the last 24 hours, Ethereum was priced at around $1,634 and the trading volume was $8 billion. The ETH/USD pair has met strong resistance at $1,680 and declined to find support again at $1,610. On the 4-hour scale, the ETH/USD pair has established an ascending channel, suggesting that ETH’s uptrend may continue.

On the plus side, increasing demand could break the resistance at $1,680 and push the price up to $1,750. On the downside, a negative break of $1,600 could extend the selling trend to $1,560. In addition to Ethereum, the sale of the FightOut platform, which is based on the ETH blockchain, also has great upside potential.

Why is Ethereum currently so popular and what does the future of the network look like?

Ethereum is currently one of the most popular cryptocurrencies and has established itself as one of the leading cryptocurrencies in recent years. One of the reasons for Ethereum’s popularity is its ability to enable smart contracts. Smart contracts are digital contracts that can be executed automatically as soon as certain conditions are met. They allow transactions to be carried out without the need for a third party and are an important part of many decentralized applications (dApps) running on the Ethereum blockchain.

Another reason for Ethereum’s popularity is its strong ecosystem. Ethereum has a large and active community of developers and companies working to further improve the technology and develop new applications. This has helped Ethereum become one of the most developed cryptocurrencies.

As for the future of Ethereum, there are many developments that could further advance the cryptocurrency. One of the most important is the launch of Ethereum 2.0, also known as Serenity. This upgrade changed the network from a Proof-of-Work (PoW) to a Proof-of-Stake (PoS) system, increasing the network’s scalability and security. It has also brought the introduction of sharding, which increases the number of transactions that can be executed per second.

Ethereum has also established partnerships and projects with large companies and industries that have the potential to further increase cryptocurrency adoption. There are also other developments related to DeFi (Decentralized Finance) and NFT (Non-Fungible Tokens) based on Ethereum, which will further strengthen the ecosystem.

Overall, Ethereum is a cryptocurrency with great potential and a strong future outlook. It has a strong technology, a strong ecosystem and many developments in the pipeline that can take it forward. While cryptocurrencies in general still have a high risk potential, Ethereum is relatively established and one of the safest investment options in the space.

FightOut – one of the most promising projects on the Ethereum blockchain

FightOut offers an affordable way to stay active by providing access to personal training services at an affordable price. So even people on a tight budget can benefit from physical activity. What sets FightOut apart from other Move2Earn apps is its extensive feature set, including physical and mental fitness analysis, NFT avatars, and social competition.

With real-time performance tracking, users can track their progress in strength, cardiovascular endurance and more. Investors have shown interest in FightOut’s $FGHT cryptocurrency due to its strong concept and generous upfront rewards, which can range from 50% to 100% depending on the amount invested. To date, over $3.2 million has been raised.

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