ETH, the native token of the largest smart contracts platform, shows signs of outperforming Bitcoin (BTC) in February. The two largest cryptocurrencies reached new 2023 highs last week, but Ethereum price has the potential to keep the uptrend intact while aiming for $2,000.

On the other hand, Bitcoin faces a spike in selling pressure in the wake of glaring global inflation and economic recessions. Investors hoped to see Bitcoin settle above $24,000, as reported in this article, however, the bellwether crypto must first seek support above $22,000 before triggering another upswing.

As for Ethereum price, support at $1,600 appears strong enough to keep the uptrend intact. Furthermore, increased network activity cements the bulls’ presence in the market. Investors should keep their eyes on the immediate support at $1,630 because if respected, ETH would quickly close the gap to $1,800 and possibly open the door for gains above $2,000.

ETH/USD price chart

Ethereum Price Rally Stays In Wait For Shanghai Upgrade

The Ethereum network has over the last few weeks experienced a healthy uptick in on-chain activity amidst anticipation for the up-and-coming Shanghai upgrade. Activity has also improved among non-fungible tokens (NFTs) bolstered by the launch of mini-game from Yuga Labs, according to a Bernstein report released on Monday.

Blockchain data shows daily fees on the second-largest protocol more than doubled since early January to range between 4 and $6 million, up from around $2 million. Transaction fees have also gone up by approximately 35% in the same period. Often increasing gas fees signal a recovering or up-trending market for Ethereum price.

Intriguingly, the report revealed a slump in Ether’s inflation, which has stayed on the negative side for two weeks now. Bernstein opines that more deflation is anticipated supported by a spike in on-chain activity.

The Ethereum Shanghai upgrade expected in Q1 2023 would be the biggest catalyst for ETH price, and with it, investors look forward to a spectacular rally. This upgrade is monumental because it will allow investors to withdraw ETH locked in the Beacon Chain for the first time.

According to the report, investors should be cautious as the upgrade approaches, amid concerns about the supply of Ethereum in circulation. Moreover, 70% of the staked ETH was through liquid staking platforms like Lido DAO, with the rest directly locked in the Beacon chain. Even though caution is paramount, Bernstein reckons that there is “but improved conviction in holding in spot markets, as the fears recede.”

Assessing Ethereum Price Profitability In The Coming Days

Ethereum price is trading at $1,627 at the time of writing, following a minor correction from its 2023 high of $1,117. Although the smart contracts token had validated the uptrend above the lower falling trendline, as illustrated on the daily timeframe chart, the momentum faded as it approached highs around $1,700.

The Stochastic oscillator adds credence to the short-term bearish outlook as it slides into the neutral region heading to the oversold area. Tentatively, the buyer congestion at $1,600 has the potential to absorb the selling pressure and prevent declines from revisiting lower levels up to $1,400.

ETH/USD daily chart

As established, $1,600 would be the first try for bulls to push for the resumption of the uptrend. However, the 200-day Exponential Moving Average (EMA) at $1,524 would come in handy if losses intensified.

On the bright side, the daily chart shines a light on an incoming golden cross pattern, which may serve as the final confirmation for a bull run. This pattern occurs when the 50-day EMA crosses above the 200-day EMA. While any short-term moving average forms a golden cross pattern after flipping above a longer-term moving average, this particular occurrence has been known to trigger sustainable uptrends.

Therefore, with a golden cross pattern coming into the picture in a few days, Ethereum would strengthen its bullish outlook whereas bulls fixate on highs beyond $2,00. The fear of missing out (FOMO) may engulf market participants with many likely to rush to capitalize on the subsequent move to $3,000.

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Ethereum Alternatives to Buy Today

Before buying Ethereum, investors may want to consider some of the best crypto presales in the market. A dedicated team of experts reviews various tokens every week to come up with a list of the best altcoins to buy as you build your crypto portfolio.

With $3.12 million raised so far, Meta Masters Guild (MEMA) is one of the fastest-selling presales of 2023. Although still new, this ecosystem has already established itself as a web3 mobile-focused gaming platform to be reckoned with.

Meta Masters Guild is proposing play-and-earn as an alternative to play-to-earn. The latter has seen crypto projects like the Sandbox, Axie Infinity, and Decentralized struggle to keep users interested. MMG already has its first game studio – Gamearound – on board, and it is well advanced in the development of the first product – a racing game called Meta Kart Racers.

In addition to playing and earning rewards in Gems (an in-game currency), users in this new ecosystem can generate revenue through other channels like content creation, game development, and supply of in-game items. The Meta Masters Guild Presale is in stage 5 but only 3 days are left before the price increase from $0.019 to $0.021.

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Fight Out is another revolutionary crypto project coming to the exchanges soon, with almost $4 million raised in a presale launched toward the end of Q4 2022. Fight Out hopes to remove the barriers to entry that come in the form of Web3 knowledge and expensive starter NFTs associated with platforms like STEPN.

The main approach is to open the industry so that everyone can benefit while living a healthy lifestyle. Users who join this new ecosystem will have access to a Move-to-Earn (M2E) fitness app and a chain of physical gyms spread around the world.

Despite Fight Out being in the presale stages, the team is already making inroads in the crypto industry. The team is scheduled for a project interview with Binance on Monday, starting at 3 pm GMT.

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Investors who are passionate about saving our beloved planet from pollution due to carbon dioxide and other greenhouse emissions should start paying attention to C+Charge. This is a revolutionary project in crypto that hopes to incentivize electric vehicle (EV) drivers by rewarding them with carbon credits every time they pay with CCGH to charge their vehicles.

The C+Charge platform can potentially be the standard platform across all swaths of the EV charging sector, aiming to reduce the average transaction latency and enhance transactional throughput.

Meanwhile, only 105 million CCHG tokens are left in the current stage which has raised $695k. 1 CCHG token sells for $0.013 but the price will shoot to $0.0165 in the next presale stage.

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