Among other cryptocurrencies, the price of Ethereum (ETH) has continued to show impressive strength in the broader crypto market through 2023. Despite the fact that some market participants are still skeptical, there is a chance that ETH will rise significantly based on the technical factors currently favoring the second largest cryptocurrency by market capitalization.

The main price levels of Ethereum

The ETH price has yielded green daily candles for nine consecutive days, demonstrating significant market strength. Since ETH last stopped around $1,197, the newly discovered uptrend has regained 25% of the market value investors lost. However, according to well-known crypto analyst Crypto Tony, the $2,250 – $2,500 price range sets a key level for ETH. Breaking these price levels will validate a price floor for a further uptrend.

He goes on to participation that the fall in the price of Ethereum will depend heavily on the state of the stock market and global economy for the remainder of this year. In addition, the Relative Strength Index (RSI), an indicator used to evaluate the underlying strength of market participants, shows that the price of ETH is in severely overbought conditions near the 90 level. In January 2021, when Ethereum temporarily marking $1,300 and setting a new all-time high, the RSI read 90 for the last time.

Factors that determine the ETH price

On Monday, the number of Ethereum addresses with balances greater than zero hit a new all-time high of 92.5 million, breaking Friday’s previous record. It doesn’t appear that the 2022 bear market, which ended in the closing of one of the world’s formerly largest cryptocurrency exchanges in November, had any effect on the growth of addresses with balances greater than zero.

Read more: Bitcoin Bulls must clear this key level for BTC price to rise

In addition, according to a report recently published by the blockchain software development company Alchemy, the number of smart contracts deployed on the Ethereum mainnet has increased by an astonishing 300% by 2022. And despite the 2022 bear market, the growth in smart contract deployments essentially matched the growth experienced in 2021. At the end of Q4 2022, 4.6 million smart contracts were active on the Ethereum blockchain, according to the study.

As things stand, the price of Ethereum (ETH) is currently trading at $1,598. This represents a 0.96% increase over the past 24 hours, as opposed to the 19.76% increase over the past seven days, according to CoinGape’s crypto market tracker.

Also Read: Crypto Fraudster Charged For $4.5 Billion Bitcoin Theft Lands New Marketing Job

Pratik has been a crypto evangelist since 2016 and has experienced almost everything crypto has to offer. Be it the ICO boom, the bear markets of 2018, Bitcoin’s halving so far – he’s seen it all.

The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.

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