Ethereum Price Prediction

Republished By Plato

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Ethereum price is down 2.52% in the last 24 hours to hit $1,642 amid a 2.52% drop in today’s market. Despite this drop, its current price is up 5.2% in a week and up 37.6% year-to-date.

ETH is one of the best tokens for a rally as the crypto market continues to recover this year. The altcoin’s indicators suggest that it might fall soon, with its relative strength index (RSI) falling below 60.. Likewise, its 30-day moving average has stopped climbing against it.

These doubts aside, ETH continues to have the strongest fundamentals in the market. Its total locked-in value of $28.85 billion represents 58.72% of the entire DeFi sector, although that percentage is even higher if you include Ethereum-based layer-two networks.

Ethereum has an early advantage and lots of users because it’s the only platform that everyone else is on. And since Ethereum completed its proof-of-concept transition in September, it has laid the groundwork for increasing its speed, scalability, and efficiency.

In fact, Ethereum has only gone up since the September merger, when news broke that payment giant Visa is testing USDC stablecoin payments on the ETH blockchain. Furthermore, Visa’s previous support for Ethereum is good news for the platform, suggesting that big companies think it will succeed.

How Shanghai fork will affect ETH

Ethereum is gearing up for a Shanghai upgrade that will allow withdrawals of staked ETH. While some argue that this will flood the market with newly released ETHs, it will likely have the opposite effect as it will complete Ethereum’s transition to a proof-of-stake consensus mechanism.

In addition, whales and other larger investors have been dumping ETH over the past few months. For example, data compiled by Sentiment suggests that the value of ETH held on exchanges has fallen by 37.3% since the merger, while the total amount of ETH has fallen by 31% over the same period.