The price of Ethereum (
Ether Shows Confidence
According to the most recent data obtained, the total value of all cryptocurrencies has increased by 0.31%, reaching $1.05 trillion. And, at the time of writing, the overall trading activity has also witnessed an increase of 6.96% to $53.53 billion. The price of Ethereum, on the other hand, recently breached the macro downward trendline. The consensus among market watchers is that a significant amount of buying confidence might be generated for a new uptrend in Ethereum (ETH) prices if the altcoin king is successful in overcoming the lower high of $1,700.
However, in the world of cryptocurrencies, fundamental analysis also plays a vital role apart from the technical aspects. With the total ETH staked on the Beacon Chain reaching over 16 million ahead of the Shanghai upgrade; which is almost 13.4% of the total circulating supply, Ethereum price may set off another run-up. A move along these lines will not change the bearish divergence, but it will enable market makers to collect the buy-stop liquidity that is currently lying above $1,679 and catch the early bears in their trap. And while this chase for liquidity is going on, the price of Ethereum might reach as high as $2,000.
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Ethereum (ETH) Price Surge
Additionally, as pointed out by macro and Bitcoin expert tedtalksmacro, the USD stablecoin has significantly increased in the past 24 hours. Recording almost a $320 million growth in supply, it acts as a potential indicator of higher buying demand by retailers and whales in the crypto market.
USD stablecoin uptick in the past ~24hrs
Approximately $320M increase in supply, steady lads. pic.twitter.com/YVbMLIi2vy
— tedtalksmacro (@tedtalksmacro) January 23, 2023
On the other hand, the price threshold of $2,000 isn’t the only thing holding Ethereum back from continuing its ascent. A bullish perspective for the short term, even if it is running on fumes, is warranted if the price of Ethereum does decide to go higher. If Bitcoin bulls can make a strong return, this perspective will shift significantly. In such a scenario, there is a chance that ETH will keep climbing higher and possibly breach the coveted $3,000 mark. As things stand, the price of Ethereum (ETH) is currently being traded at $1,634. This represents a decrease of 0.44% in the past 24 hours, in contrast to its 5.24% jump during the last seven days, as per CoinGape’s crypto market tracker.