Ethereum recently breached the $2K mark for the first time since summer 2022. The recent breakout comes as Ethereum developers successfully implemented the Shanghai network upgrade, ending the criticism and uncertainty surrounding the ETH share.
Following the ETH breakout, founder Vitalik Buterin has shed light on the issue related to Ethereum’s scalability and said that the blockchain will now focus on improving scalability ahead of the next bull run.
The coin is up 52% from its March lows and is currently holding firm above the $2K mark.
Meanwhile, Ecoterra is garnering the attention of industry experts thanks to its problem-solving approach to addressing climate change through blockchain technology and successful pre-sale.
Despite only being a couple of weeks old, the coin appears to be raising $3 million imminently, with the pre-sale price set to increase in just eight days.
Shanghai update goes smoothly
Many speculators feared that the Shanghai update would lead to investors selling their Ethereum once they were able to opt out, sending the price crashing.
While his fears were partially correct, with around $2 billion set to be withdrawn, this has not stopped new investors from entering the markets. Since the update, the price has increased by more than 12%.
The price increase could be due to FUD around the update resolution.
But contrary to the concerns, others argued that the upgrade would get more people to stake ETH as they would be able to unlock it when needed.
We look at the total ETH staked in the last seven days to understand the correct argument. As you can see in the chart below, the drop in ETH staked is relatively minor, with the total percentage of ETH staked falling from 15.64% to 14.92%.
Many staking groups like Lido DAO and Liquid Staking Derivative offer liquid staking. With liquid staking, users can receive a synthetic equivalent to the Ether they stake while earning a return on staking their coins.
Therefore, as more people learn about staking and liquid staking, we expect more ETH to be removed from circulation, driving its price up.
Vitalik looks to the future to improve scalability
Ethereum is now looking to improve its scalability in preparation for the next bull run.
“The next immediate focus after this…will be to scale.” Vitalik Buterin, founder of Ethereum, recently said in a recent live stream.
One of the main advantages that many alternative layer one blockchains have over Ethereum is their improved scalability. That being said, if Ethereum closes the scalability gap, there is very little need for most alternative layers. This could drive the price of Ethereum higher than ever as the main blockchain problem will be solved.
Ethereum Technical Analysis
The Ethereum price is now in a range it hasn’t visited in 11 months, making it difficult to determine its next move.
That being said, we add the Volume Oscillator indicator to the price chart to understand the level of interest from buyers and sellers, and at this price, interest seems relatively low.
Considering that it is now trading at the bottom of a new range in an uptrend, this could mean that the bears are exhausted, which could allow the price to rally to the top of the range.
Also, when we look at the ETHBTC chart, it is clear that ETH is ready to break out of a seven-month downtrend against BTC.
As you can see on the chart below, this is the first time ETH has touched the trend line with low trading volume.
This shows an apparent disinterest on the part of the bears, giving ETH the potential to rise against BTC and, most likely, the US dollar.
Ecoterra has taken the industry by storm and is set to raise $3 million
While Ethereum aims to increase its scalability to provide more utility, emerging cryptocurrencies like Ecoterra are taking the industry by storm as they are solving real-world problems right from their inception.
Ecoterra is a recycling-to-earn cryptocurrency that rewards users for sustainable living habits and reduces fragmentation and inefficiency in the recycling and reprocessing industry.
The crypto is currently only a few weeks away from its pre-sale. Having already raised over $1.5 million, many experts expect it to reach $3 million this month.
The price per token is $0.0055, and the price will increase in eight days. Upon its pre-sale, the initial exchange offer price is set at $0.01.
The ECOTERRA coin has many uses, including powering the app’s carbon offset and recycled materials markets. Also, users must have the token to earn from recycling.
Ultimately, this creates multiple sources of demand for cryptocurrencies, going beyond cryptocurrency traders buying cryptocurrency to earn more cryptocurrency. Previous ‘profit’ coins that followed this model, such as Axie Infinity and StepN, eventually collapsed because there was no real demand for the crypto.
On the other hand, Ecoterra has already partnered with multiple high-profile organizations that can use its marketplaces, thus generating demand for tokens and increasing their price over time.
This is one of the main factors leading many industry insiders to predict that Ecoterra’s price will skyrocket after its IEO.
Problems that Ecoterra addresses
One of the key aspects of sustainability in business is trust and transparency. Fortunately, one of the main advantages of blockchain is its lack of trust and audibility. This means that anyone can search for a given wallet and verify that it took the actions it said it did.
Ecoterra takes advantage of this by allowing companies to offset their carbon footprint and show the positive climate action they have taken, all in the chain.
Another key benefit of the Ecoterra protocol is that it allows users to earn through recycling by scanning the barcode on plastics and other recyclable waste and entering it into one of their “reverse vending machines” located in supermarkets around the world.
Visit Ecoterra Now
The continued demand for the token from companies and Inc. means that the project will be able to handle the selling pressure that naturally comes with a project offering crypto rewards. With this in mind, Ecoterra is undoubtedly one of the best cryptocurrencies to watch in 2023.
This post Ethereum Price May Hit $3,000 In April While Ecoterra Set To Raise $3 Million
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