Ethereum, one of the major cryptocurrencies, has maintained its support level of $1,800 in the past few months, despite slipping by 0.3% in the past 24 hours. The altcoin is down by 2.5% in the past week due to legal actions taken by the SEC, which have affected the cryptocurrency market as a whole. However, Ethereum is still up by 53% since the beginning of the year, thanks to its introduction of staking withdrawals and general development.
According to its chart, Ethereum is expected to rise again soon after the shocks of the past week. Its relative strength index has returned to the 50 level, indicating that it is no longer oversold. In addition, its 30-day moving average is falling towards its 200-day average, which suggests that Ethereum will rebound when it drops below the longer-term average and reaches a bottom. Ethereum’s support level has held to its long-term level of around $1,800 and appears to be rising slightly.
Several other layer-one utility tokens, including Solana, Cardano, and Cosmos, were cited as securities in the SEC’s charges against Binance and Coinbase. This could result in those coins being delisted from various US-facing exchanges, yet Ethereum is likely to remain open to trading for the foreseeable future. However, the SEC regards Coinbase’s ETH staking service as an unregistered security offering, which could have negative repercussions for Ethereum holders in the future.
Despite this, Ethereum has had a good few months, particularly due to the successful introduction of staking withdrawals in April. More than 22 million ETH is now locked up via staking, having risen from around 18 million ETH at the time withdrawals were enabled. This suggests strong demand for ETH staking while also reducing the cryptocurrency’s circulation, which will push its price upwards as demand increases. Since Ethereum is currently enjoying more success in attracting significant adoption than its rivals, its price is expected to rise substantially in the next few months, assuming no more regulatory curveballs are thrown by the SEC or other regulators.
According to predictions, Ethereum will return to $2,000 in the next few months and potentially end the year somewhere between $2,500 and $3,000. While Ethereum continues to boast some of the strongest fundamentals in the cryptocurrency sector, traders may be tempted to diversify into other altcoins, particularly those that are currently holding their presales and have yet to experience significant rallies. One such altcoin is ecoterra, an Ethereum-based recycle-to-earn platform that has sold over $4.9 million of its native ECOTERRA token. Due to launch in the second half of 2023, ecoterra’s platform will incentivize an increase in green behavior by rewarding users for recycling household waste at participating recycling points and generating their own green energy.
Investors have flocked to the ECOTERRA presale, with new investors able to join by going to the official ecoterra website and connecting their software wallets. One ECOTERRA currently costs $0.00925, and in about 20 days, it will rise again to $0.01, which may end up seeming cheap when the token lists on exchanges in the next few weeks.
In conclusion, Ethereum’s support level of $1,800 has held steady, and it is likely to rise again soon. Despite facing regulatory issues, Ethereum has strong fundamentals and has introduced staking withdrawals, which have increased demand and reduced its circulation. Ethereum is expected to rise substantially in the next few months, assuming no major regulatory curveballs. Investors may also be interested in presale opportunities like ecoterra, an Ethereum-based platform that incentivizes green behavior through rewards for recycling and generating green energy.
