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Following the demise of the cryptocurrency exchange FTX, Ethereum (ETH) is seeing intense selling pressure. Ali Martinez claims that ETH whales traded about a million coins in December 2022, increasing investor anxiety. According to Martinez, whales with between 10,000 and 100,000 ETH sold or distributed about 880,000 coins.
At the time of publication, trading volume had decreased by 3.05% in a day. On the other hand, a day earlier, the market capitalization fell by 2% while trade volume increased by 23% to $4.5 billion.
What might drive up the price of Ethereum (ETH)?
The most probable result would be an increase in coin production with a sharp decrease in supply after the new year. The market’s process for throwing money away will speed up if more investors come back and increase activity. Guy of Coin Bureau, a well-known cryptocurrency expert, nonetheless, thinks that Ethereum could have a significant year in 2023. Guy believes that the upcoming Ethereum Shanghai upgrading will cause the trend in Ether to change. Q1 2023 will see the introduction of the Shanghai upgrade.
If the billions of dollars worth of ETH tied up in smart contracts is released, the analyst anticipates that investors will be enticed to stake their tokens for a possibly stress-free investing experience. The Shanghai upgrade will allow ETH stakers and validators to withdraw money from the Beacon Chain among other things. At the time of publication, the price of ETH was $1,194.74, up 0.2% over the previous 24 hours. The cryptocurrency has dropped 8.8% during the past 14 days, though.
On the upside, ETH bulls will be watching for a test of the cryptocurrency’s 50-day, 100-day, and 200-day moving averages, which are each set at $1,335, $1,400, and $1,470, respectively. But even if Ethereum does succeed in breaking above each of these levels in the next weeks amid a widespread crypto rally propelled by macro optimism, it doesn’t mean the digital currency is out of the woods.
Since the beginning of the summer of 2022, a downward trajectory channel has been restraining the market movements of Ethereum. To move above this pattern range, it will need to achieve a significant break above $1,500. Betting on a quick and over 25% rally from the existing pace may be a little premature since the cryptocurrency is still recovering from the effects of FTX’s dramatic collapse early last month, which is still impacting on mood.
It would be possible to reach the September highs in the $1,800 level as well as the peak Overlapped optimism harmonic overtones in the $2,000 range if Ethereum can manage to break above its ongoing decline. That would represent a staggering 60% increase from current levels.
Testnet Ropsten will be shut off because of ETH
The Ropsten testnet, which formerly served to be one of the most substantial public testnets for the Ethereum network, is now being shut down as anticipated by developers. Senior Ethereum developer Tim Beiko claims that several infrastructure providers & validators have already ceased maintaining the network, and we expect the ones remaining to switch off their nodes in the coming weeks.
The Rinkeby testnet will be shut down in the middle of 2023, which comes after the testnet widely anticipated closure. The Goerli and Sepolia testnet, both of which will be used in the years ahead, are being used by developers to migrate their applications that are currently in development from these test nets.Ropsten and Rinkeby are no longer considered reliable environments for application testing and development because Ethereum merged to a proof of stake consensus method from a proof of work one.
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Hi, I’m Ahmed Falah. I work at the intersection of technology, finance, and human well-being, exploring how emerging digital systems can create sustainable and impactful growth across businesses and society.
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