BlocksInform
Among other cryptocurrencies, the price of Ethereum (ETH) in 2023 has continued to demonstrate impressive strength in the broader . In spite of the fact that some market participants may still be skeptical, there is a chance that ETH may surge significantly based on the technical factors currently favoring the second-largest cryptocurrency by market cap.
Key price levels of Ethereum.
The ETH award delivered nine consecutive days of daily green candles, proving the significant strength of the market. Since its most recent shutdown at approximately $1,197, the newly discovered bullish trend has recovered 25 per cent of the market value that investors had lost. However, according to a well-known crypto tony analyst, the price range between $2,250 and $2,500 determines a key level for eth. Failure to do so will validate a price trough for an additional upward trend.
He goes on to that the decline in the price of Ethereum will greatly depend on the state of the stock market and global economics for the remainder of this year. Additionally, the Relative Strength Index (RSI), an indicator that is used to evaluate the underlying power of market participants, demonstrates that the price of ETH is in severely overbought conditions near the level of 90. In January 2021, when Ethereum momentarily scored $1,300 and set a new historical record, the rsi read 90 for the latest time.
Factors responsible for the EPF. Price
On Monday, the number of Ethereum addresses that have a balance greater than zero reached a new all-time high of 92.5 million, breaking the previous record set on Friday. It does not appear that the bear market of 2022, which ended in the closure of one of the world’s formerly largest cryptocurrency exchanges in November, had any effect on the growth in the number of addresses that have a balance greater than zero.
Read More: Bitcoin Bulls Need to Clear This Key Level For BTC Price To Rally
In addition, according to a recently published article by blockchain software company Alchemy, the number of smart contracts put in place on Ethereum's main network grew by 300% in 2022. And, in spite of the bear market of 2022, smart contract deployment growth essentially matched the rate of growth experienced in 2021. At the end of Q4 2022, 4.6 million smart contracts were active on the Ethereum blockchain, according to the research.
In the current state of affairs, the price of ether (eth) is currently negotiated at $1,598. This represents a 0.96% increase in the last 24 hours, unlike its 19.76% jump in the last seven days, according to coingape's cryptography tracker market.
Also Read:Crypto Fraudster Charged In $4.5 Bn Bitcoin Theft Lands New Marketing Job
- Ethereum
