Ethereum is one of the most promising cryptocurrencies in the market and is growing in popularity with its increasing value, the price has increased significantly to reach $1,650.
The ETH/USD opened the day at $1,626 on January 22. The ETH/USD has reached a high value of $1,635.64 and a low value of $1,609.35.
Ethereum Reaches Major Milestone as Bulls Take Control in 2023
The number of addresses with a balance greater than 0 has been growing recently and reached 92.5 million this week, according to the latest data from Glassnode. Address count is an input used to calculate unique transactions. It only includes those who successfully finished a transaction
— Alpha Insights (@0xAlphaInsights) January 22, 2023
On Ethereum, the number of active addresses that hold cryptocurrency has increased in recent months. This is a good sign as it indicates people are using their cryptocurrency wallet not just to store assets. As Ethereum network activity and usage continue to soar to new all-time highs, ETH may profit.
Shanghai Upgrade Worries Developers
The Shanghai upgrade for Ethereum is currently targeted for this March. This will enable staking withdrawals for the first time since people began staking their ETH in 2020.
However, most people don't yet know how the exit queue works.
I'll walk you through it step by step
— Westie (@WestieCapital) January 12, 2023
They said it needed to be adopted more quickly out of concern for public backlash at the expense of technological investments that would positively impact the network.
Some of Ethereum’s 30 or so core developers, like Micah Zoltu, are worried that the network’s recent decision to abandon a technical upgrade to Shanghai could put the network in a lot of technical debt.
During a meeting of Ethereum’s core developers on January 19, Zoltu voiced concern that they needed to plan for the platform’s long-term health. The news hurt the ether-to-dollar exchange rate.
Everything You Need To Know About Ethereum Smart Contract Deployment
On January 17, blockchain software development company Alchemy revealed its quarterly report for Q4 2022. The number of smart contracts executed on the Ethereum network increased by 300% in that time period. Additionally, the rise in smart contract implementation nearly mirrored the growth that was seen in 2020.
At the end of 2022, tests of 4.6 million active smart contracts were conducted on Ethereum’s blockchain. Moreover, the number of smart contracts deployed on Ethereum’s Goerli testnet increased by 187% over the last three months of 2022 and by as much as 721% year over year to reach an all-time high of 2.7 million.
It could indicate that new applications and solutions for dapps could be developed on the ETH blockchain and therefore drive up the price of ETH.
Ethereum Price Prediction
Ethereum’s current price is $1,657.56, with a 24-hour trading volume of $7.2 billion. Ethereum has lost 0.02% in the last 24 hours. CoinMarketCap is now ranked second, with a live market capitalization of $202 billion.
On a 4-hour timeline, the ETH/USD pair has formed an upward channel, indicating that ETH’s bullish trend may continue.
Ethereum Price Chart – Source: Tradingview
On the plus side, increased demand may break past Ethereum’s $1,680 resistance and boost the price up to $1,750. A negative breakdown of $1,600 might extend the selling trend to $1,560.
Aside from Ethereum, the Meta Masters Guild presale has enormous upside potential.
Meta Masters Guild (MEMAG)
This week marks the start of the presale for Meta Masters Guild, a mobile-focused gaming guild that will create a mix of Web3 and play-to-earn games. Its Ethereum-based games will have playable NFTs and incentives that can be traded for MEMAG, the company’s native currency, which can subsequently be staked and sold. It will be available in seven stages, with the first selling one MEMAG for $0.007.
Even before MEMAG becomes public, this price will rise to $0.023, providing a 228.5% gain for the first investors. Meta Masters Guild is projected to grow swiftly after the platform’s initial game (Meta Kart Racers) is released in the second quarter of this year.
Furthermore, if the overall market and world economy improve, the native coin might profit greatly.
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