Contact us
  • Home
  • Tech
  • Gaming
  • Social Networks
  • Blockchain
    • Crypto News
  • NFTs
  • Metaverses
    • Second Life
  • Reviews
  • Store
  • More!
    • Advertising and Services
    • Partners and Resources
No Result
View All Result
  • Home
  • Tech
  • Gaming
  • Social Networks
  • Blockchain
    • Crypto News
  • NFTs
  • Metaverses
    • Second Life
  • Reviews
  • Store
  • More!
    • Advertising and Services
    • Partners and Resources
No Result
View All Result
Geek Metaverse
No Result
View All Result

What is the fate of the Ethereum (ETH) price: rampant rally or total collapse?

by geekmetaverse
27/01/2023
ADVERTISEMENT
Share on FacebookShare on TwitterShare on LinkedinShare on RedditShare on PinterestShare on WhatsappShare on Telegram

The rally in the price of Ethereum (ETH) could end abruptly in the coming days, to put an end to the trend that led it to achieve a 35% rise since last January 1.

While several analysts predict that bitcoin (BTC) could rise to $30,000 by mid-February, other experts agree that Ethereum will lose up to 60% of its current value ($1,603) to plummet near the $600 level.

Through a video on his YouTube channel, trader Benjamin Cowen said that ETH has “a tough few days ahead,” in which it is “likely” to “break lower.”

“A sustained bull market for Ethereum will not occur until ETH spends some time in its home base. I understand that we have been flirting with that level for a while, but to my surprise and to Ethereum’s credit, it has remained much more resilient than I thought it would be,” he asserted.

Cowen estimated that the drop would take Ethereum to levels between $800 and $600.

What could Ethereum’s fall cause?

The arrival of the next update on the Ethereum network, Shanghai, will open up the possibility for investors to withdraw their ETH deposited in staking within the blockchain, along with the rewards they have generated for engaging in this activity.

Withdrawals of ethers from validators are one of the most anticipated features on the blockchain, due to the fact that they have been blocked on the network since the launch of Beacon Chain in December 2020.

The arrival of these withdrawals is raising new concerns among investors, who consider the possibility of massive withdrawals of ETH by validators occurring and causing serious problems in the operation of the network, as well as a large increase in the supply of the cryptocurrency, which would derive in a collapse in its price.

Shanghai is scheduled to be launched between May and June this year.

Crypto analyst Jack Niewold mentioned on Twitter that around 14% of the total ETH supply is in staking and all those tokens could be withdrawn after the aforementioned update.

“This makes some people bearish. But that ETH doesn’t go to market right away: it still has to go through a withdrawal queue. It takes time to unlink,” he added.

Ethereum’s Shanghai Fork is coming.

If you hold ETH, here's what you need to know, explained simply.

🧵

— Jack Niewold 🫡 (@JackNiewold) January 26, 2023

And if all goes well for the price of ETH?

It’s not all bad news for Ethereum. Other analysts, such as Kaleo, are confident that the leading altcoin could rise as high as $1,660 in the coming days.

#Ethereum / $ETH

Prepare to resume send pic.twitter.com/BtG8w0EVv8

— K A L E O (@CryptoKaleo) January 26, 2023

Meanwhile, expert Satoshi Flipper assured that Ethereum’s charts are showing a bullish pennant and could explode in price against bitcoin.

$ETH / $BTC WEEKLY

Haven't looked at the ETH/BTC chart in a long time, but this is wild: this is the weekly time frame and $ETH has been coiling (minus the deviation) in a bullish pennant for 1.5 years now, since MAY 2021 👀👀

Can $ETH finally break out against $BTC? pic.twitter.com/Mtm0xE3Wqp

— Satoshi Flipper (@SatoshiFlipper) January 26, 2023

What is certain is that if Ethereum manages to resist the large number of withdrawals that could come along with Shanghai, the altcoin will likely begin a sustained upward path, as predicted by analyst Coin Bureau on his YouTube channel.

Bureau said that when investors see that ETH can “stop getting staked and sold easily, then they will be incentivized to do more staking.”

This analyst believes ETH could go “either way,” but he would not be surprised if it is “slightly bearish in the near term” and sees some selling.

“I think the future for ETH is so, so bright, and I think Shanghai, assuming it goes as smoothly as The Merge did, then I think 2023 could be a great year for Ethereum and ETH,” he stressed.

At the time of writing (19:34 UTC), Ethereum was trading at $1,605, up 0.65% in the last 24 hours.

Follow us on our social networks and keep up with everything that happens in the Metaverse!

         Twitter   Linkedin   Facebook   Telegram   Instagram    Google News

Recent Posts

  • These jobs will appear thanks to Generative AI, such as Chatgpt and Midjourney
  • Argentine Airline Flybondi to issue all Tickets as NFT
  • A selection of Eye-Opening Mobile Gaming Statistics
  • Snoop Dogg and Cordell Broadus close Paris Blockchain Week with The Champ Medici Lounge
  • Clinique Unveils Metaverse Experience “Clinique Lab”
ADVERTISEMENT
Tags: cryptocrypto newscryptocurrencyetheth priceethereumethereum price

geekmetaverse

Related Posts

burger-king-now-accepts-crypto-payments-in-paris
Crypto News

Burger King now accepts Crypto payments in Paris

28/03/2023
vitalik-buterin-among-the-top-speakers-at-edcon-2023-in-montenegro
Crypto News

Vitalik Buterin among the Top Speakers at EDCON 2023 in Montenegro

27/03/2023
bitcoin-could-be-worth-1-million-in-90-days-says-former-coinbase-cto
Crypto News

Bitcoin could be worth $1 million in 90 days, says former Coinbase CTO

26/03/2023
magic-eden-launches-bitcoin-marketplace-for-digital-artifacts
Crypto News

Magic Eden Launches Bitcoin Marketplace for Digital Artifacts

21/03/2023
Next Post
bitcoin-on-track-for-best-january-since-2013-how-much-will-it-close-this-month-at

Bitcoin on Track for Best January Since 2013, How much will it close this month at?

Recommended.

Slipknot presents “Knotverse”, a Metaverse created in The Sandbox

Slipknot presents “Knotverse”, a Metaverse created in The Sandbox

20/04/2022
rarible-partnered-with-mfers-to-launch-custom-nft-community-marketplace

Rarible partnered with Mfers to launch custom NFT community marketplace

15/06/2022
ZenGo – The first Crypto Wallet without Private ZenGo – The first Crypto Wallet without Private ZenGo – The first Crypto Wallet without Private
ADVERTISEMENT

Trending.

Epic Games launches Verse, the Metaverse programming language

Epic Games launches Verse, the Metaverse programming language

14/12/2022
the-best-web3-conferences-to-attend-in-2023

The Best Web3 Conferences to attend in 2023

28/03/2023
chatgpt-how-can-ai-help-bitcoin-and-cryptocurrency-users

ChatGPT: How can AI help Bitcoin and Cryptocurrency users?

30/01/2023
second-life-goes-mobile-20-years-of-the-pioneering-metaverse

Second Life goes Mobile: 20 years of the Pioneering Metaverse

19/03/2023
top-10-nft-projects-to-invest-in-2023

Top 10 NFT Projects to invest in 2023

21/02/2023
Geek Metaverse

Geek Metaverse

Tech, Gaming, Metaverses, NFTs and Crypto News!

Contact

info@geekmetaverse.com

Categories

  • Blockchain
  • Crypto News
  • Gaming
  • Giveaway
  • Metaverses
  • NFTs
  • Reviews
  • Second Life
  • Social Networks
  • Start your Blog
  • Tech

Recent Posts

  • These jobs will appear thanks to Generative AI, such as Chatgpt and Midjourney
  • Argentine Airline Flybondi to issue all Tickets as NFT
  • A selection of Eye-Opening Mobile Gaming Statistics
  • Snoop Dogg and Cordell Broadus close Paris Blockchain Week with The Champ Medici Lounge
  • Clinique Unveils Metaverse Experience “Clinique Lab”
  • Advertise
  • Privacy & Policy
  • Contact
  • Store

© 2022 Geekmetaverse

No Result
View All Result
  • Reviews
  • Blockchain
  • Gaming
  • Crypto News

© 2022 Geekmetaverse

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.