Ethereum recently surged past the $2K mark for the first time since the summer of 2022. The recent breakout comes as the Ethereum devs successfully implemented the Shanghai network upgrade, putting the criticisms and uncertainty surrounding ETH staking to rest.
Following the ETH breakout, Founder Vitalik Buterin has shed light on the issue surrounding Ethereum’s scalability and has said the blockchain will now focus on improving scalability before the next bull run.
The coin is up 52% since its lows in March and is currently holding firm above the $2K mark.
Meanwhile, Ecoterra is capturing the attention of industry pundits thanks to its problem-solving approach to tackling climate change through blockchain technology and successful presale.
Despite being just a couple of weeks old, the coin looks to raise $3 million imminently, with the presale price set to increase in just eight days.
Shanghai Update Goes Smoothly
Many speculators feared the Shanghai update would lead investors to sell their Ethereum once they could unstake it, which would plummet the price.
While their fears were partially correct, with around $2 billion set to be unstaked, this has not prevented new investors from entering the markets. Since the upgrade, the price has increased by over 12%.
The increased price could be due to FUD surrounding the upgrade being resolved.
But contrary to the concerns, others argued that the upgrade would cause more people to stake ETH, as they could unlock it whenever needed.
We looked at the total ETH staked over the past seven days to understand the correct argument. As you can see from the chart below, the drop off of staked ETH is relatively minor, with the total percentage of ETH staked falling from 15.64% to 14.92%.
Many staking pools like Lido DAO and Liquid Staking Derivative offer liquid staking. With liquid staking, users can receive a synthetic equivalent to staked Ether while earning yield from staking their coins.
Therefore, as more people learn about staking and liquid staking, we expect more ETH to be removed from circulation, thus increasing its price.
Vitalik Looking Ahead to Improve Scalability
Ethereum now looks to improve its scalability in preparation for the upcoming bull run.
”The immediate next focus after this… is going to be scaling.” Vitalik Buterin, Ethereum Founder, recently said in a recent live stream.
One of the main advantages many alternate layer one blockchain have against Ethereum is their improved scalability. That said, if Ethereum closes the scalability gap, there is very little need for most alternative layer ones. This could cause the Ethereum price to surge higher than ever since the blockchain’s main problem will be solved.
Ethereum Technical Analysis
Ethereum’s price is now in a range it has not visited in 11 months, making it difficult to determine its next move.
That said, we added 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 it is now trading at the bottom of a new range in an uptrend, this could mean bears are exhausted, potentially enabling the price to climb to the top of the range.
Moreover, when we look at the ETHBTC chart, it is clear that ETH is ready to break out of a seven-month-long downtrend against BTC.
As you can see from the chart below, this is the first time ETH has touched the trend line with low trading volume.
This shows apparent disinterest from bears, giving ETH the potential to surge against BTC, and most likely, against the U.S Dollar.
Ecoterra Has Taken the Industry by Storm, Set to Raise $3 Million
While Ethereum aims to increase its scalability to provide more utility, emerging cryptos like Ecoterra are taking the industry by storm as they are solving real-world issues from their inception.
Ecoterra is a Recycle-to-Earn cryptocurrency that rewards users for sustainable living habits and reduces fragmentation and inefficiency across the recycling and reworking industry.
The crypto is currently just a few weeks into its presale. Having already raised over $1.5 million, many experts expect it to hit $3 million this month.
The price per token is $0.0055, with the price set to increase in eight days. Following its presale, the initial exchange offering price is set at $0.01.
The ECOTERRA coin has many uses, including powering the app’s carbon offset and recycled materials marketplaces. Additionally, users must hold the token to earn from recycling.
Ultimately, this creates multiple sources of demand for the crypto, which go beyond crypto traders buying it to earn more crypto. Earlier ‘earn’ coins that followed this model, like Axie Infinity and StepN, ultimately collapsed as there was no true demand for the crypto.
On the other hand, Ecoterra has already partnered with multiple high-profile organisations that can use its marketplaces, thus generating token demand and boosting its price over time.
This is one of the main factors leading many industry pundits to predict Ecoterra will explode in price following its IEO.
Problems That Ecoterra Tackles
One of the key issues regarding sustainability in business is trust and transparency. Fortunately, one of blockchain’s core advantages is its trustlessness and audibility. This means anyone can look up a certain wallet and verify it took the actions it said it did.
Ecoterra leverages this by enabling companies to offset their carbon footprint and show the positive climate action they have taken, all on-chain.
Another key benefit of the Ecoterra protocol is that it allows users to earn by recycling by scanning the barcode on plastics and other recyclable waste and inputting it into one of their ‘reverse vending machines’ situated in supermarkets worldwide.
Visit Ecoterra Now
The continued demand for the token from companies and inc means the project will be able to handle the selling pressure that naturally comes with a project that offers crypto rewards. With this in mind, Ecoterra is undoubtedly one of the best cryptos to watch for 2023.
Source: https://coinpedia.org/information/ethereum-price-can-reach-3000-in-april-while-ecoterra-is-set-to-raise-3-million/