Ethereum (ETH) price broke through the psychological $1,600 mark and settled above that level today. is Ethereum (ETH) preparing for a higher price move?
At the time of writing, Ethereum was selling at $1,651, up 0.46% in the last 24 hours.
Since the last week of January, ETH had been unsuccessfully trying to break the $1,600 mark, but it wasn’t until February 1 that the leading altcoin was able to close a day above this price.
January was a bullish month for ETH. The major reached an increase of more than 25% after going from the $1,196 at which it opened the year, to the $1,598 at which it closed the month.
On several occasions, it was even above $1,600, but its value was falling after a short time.
Now that Ethereum has managed to hold at this price, it has broken a symmetrical triangle or ‘pennant’ and opened the way to reach $3,500 in the medium term, according to analyst Crypto Yoddha.
After a successful breakout from this pennant, we can expect #ETH to hit $3500. pic.twitter.com/dDZ8FpRhqd
— Bitcoin Bull (💙,🧡) (@CryptoYoddha) February 2, 2023
Can Ethereum go that far?
A report from analytics platform Finder claims that the price of ETH could soar to $6,000 by 2025 as markets recover after the turbulent 2022.
The study involving 56 industry experts analyzing Ethereum’s future revealed that most expect the altcoin to close 2023 above $2,000.
They further predict that the price of ETH will reach $14,000 by 2030, due to the Ethereum network “dominating the market as the leading smart contract platform.”
Data from DefiLlama reveals that the Ethereum blockchain has more than $29 billion in total locked value (TVL), the highest of any decentralized finance (DeFi) network.
Some of the most prominent NFT projects, such as Bored Apes, Azuki, and CryptoPunks, also run on the Ethereum blockchain. These factors, according to Finder’s study, will put ETH on track for $14,000 by 2025.
The report emphasized that “now is the time to accumulate ETH” given that the token is “undervalued.”
Ethereum has reason to be bullish
Developments in the Ethereum blockchain could be the catalyst for a bull run. Recently, developers of the Ethereum network have been working on the Shanghai update, which will be fully launched next March, marking the network’s first major upgrade since The Merge, which officially marked its transition to the Proof of Staking (PoS) or Proof of Staking (PoS) protocol.
In this context, they launched seven testnets in a single week, as revealed by Ethereum Foundation developer Parithosh, via his Twitter account.
The rate at which we've gotten better at launching testing infra on Ethereum L1 is pretty wild. A new testnet used to be a really big deal, now it feels almost routine! Amazing work @EthDevOps 👏! https://t.co/kEk18F83pl
— timbeiko.eth (@TimBeiko) January 31, 2023
According to the developer, with this launch, the Ethereum team may have broken a record.
In addition, activity on the blockchain increased and the network has been adding an average of 130,000 new unique addresses per day since January 1, reaching an all-time high of 221 million active wallets, according to Etherscan.
What will Ethereum price be in the near term?
Analyst Jelle wrote on his Twitter account that the price of ETH can “easily” reach $2,000 in the coming days, should it manage to close in the next few days $1,690.
If $ETH puts in candle closes above $1690, there is not much stopping it from a swift move to $2000.
My bags are ready.
LFG! 🚀
— Jelle (@CryptoJelleNL) February 2, 2023
“If ETH puts the candle on a close above $1,690, there is not much to stop it from a quick move to $2,000,” he stressed.
WARNING: This is an informational article. Geek Metaverse is a media outlet, it does not promote, endorse or recommend any particular investment. It is worth noting that crypto asset investments are not regulated in some countries. They may not be appropriate for retail investors, as the full amount invested could be lost. Check your country’s laws before investing.
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