• News
    • Bitcoin
    • Altcoins
  • NFT
  • Metaverse
  • Analysis
  • Regulation
  • Learn
  • Market Cap
What's Hot

Hitachi Leverages Metaverse and VR for Next-Generation Workforce Training

2023-09-25

What is NBA Top Shot? A Beginner’s Guide

2023-09-22

Upland and KABOOM! Unite to Address Playspace Inequity

2023-09-22
Facebook Twitter Instagram
  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
Facebook TikTok Instagram YouTube
CryptoNewsMetaverse
  • News
    • Bitcoin
    • Altcoins
  • NFT

    U.S. IRS Considers Taxing NFTs Like Other Collectibles

    2023-03-21

    Meta Shuts Down NFT Project to Focus on FinTech and Content

    2023-03-14

    Solana’s Solend V2 Release, Is SOL Price $50 Next?

    2023-03-06

    Amazon NFT Marketplace To Reportedly Launch Next Month

    2023-03-06

    Blur Coin Under Fire As Allegations Of Wash Trading Emerge

    2023-03-01
  • Metaverse

    Hitachi Leverages Metaverse and VR for Next-Generation Workforce Training

    2023-09-25

    Upland and KABOOM! Unite to Address Playspace Inequity

    2023-09-22

    Decentraland Hosts the First Metaverse Architecture Biennale

    2023-09-20

    A Step Towards Global Medical Metaverse Collaboration

    2023-09-18

    Shandong Province Aims for 10% of Global Metaverse Market by 2025

    2023-09-11
  • Analysis

    DOJ Officially Seizes Over $456,000,000 Worth of Robinhood Shares Tied to FTX Founder Sam Bankman-Fried

    2023-01-08

    Mark Cuban Makes Prediction on Next Crypto ‘Scandal,’ Warns of Potential Implosion if Exposed: Report

    2023-01-08

    Binance Listings Cause Crypto Assets To Spike an Average of 41%: New Research

    2023-01-08

    Bitcoin Whales Unloaded BTC As Market Reversed and Parked Their Profits in This Crypto Asset Class: Santiment

    2023-01-07

    Crypto Analyst Predicts Breakout for AI-Focused Altcoin, Updates Outlook on Ethereum and Lido DAO

    2023-01-07
  • Regulation

    Ripple files motion to block SEC appeal attempt

    2023-09-04

    JP Morgan believes SEC will be forced to approve ETFs after losing case against Grayscale

    2023-09-03

    Ripple Files Motion To Oppose SEC Appeal Over Landmark XRP Ruling

    2023-09-03

    U.S. SEC Punts on Bitcoin (BTC) Spot Exchange-Traded Fund Approvals, Delays Decisions Until October

    2023-09-02

    Navigating the significance of legal opinions in the crypto sphere

    2023-09-02
  • Learn

    What is NBA Top Shot? A Beginner’s Guide

    2023-09-22

    What Are Bridges in Crypto? Cross-Chain Bridges, Explained – Cryptocurrency News & Trading Tips – Crypto Blog by Changelly

    2023-09-21

    SingularityNET (AGIX) Price Prediction 2023 2024 2025

    2023-09-18

    What Are Altcoins? Best Altcoins to Buy  – Cryptocurrency News & Trading Tips – Crypto Blog by Changelly

    2023-09-08

    Your Guide to the Digital World of ENS Domains – Cryptocurrency News & Trading Tips – Crypto Blog by Changelly

    2023-09-04
  • Market Cap
CryptoNewsMetaverse
Home»Altcoins»Ethereum Could Jump 27% To Trade At $1,600, How Is This Possible?
Altcoins

Ethereum Could Jump 27% To Trade At $1,600, How Is This Possible?

2023-01-05No Comments3 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email

Ethereum is currently following the general crypto market trend at this point and has been posting only slight gains in the last 24 hours. With the bear market in full swing, a large number of cryptocurrencies remain at risk of losing more of their value. However, for Ethereum, there could be a bull trend on the horizon and it has to do with staking on the network.

Shanghai Upgrade Will Drive Ethereum Up

Currently, compared to the other Layer 1 proof of stake networks in the sector, Ethereum sees the lowest percentage of supply staked. At less than 14 of ETH supply being staked, it comes down to there not being a withdrawal mechanism for those who stake on the network but this could change very soon and bring with it renewed vigor to the market.

The Ethereum “Shanghai” upgrade is expected to take place sometime in March 2023 and a Matrixport report shared with NewsBTC via email expects this to be a bull trigger for the digital asset. As it puts it, “it seems extremely likely that more ETH will be staked after March and this could put upward pressure on ETH prices.”

The reasoning behind this is a simple one; the more ETH is staked, the less supply in the market, and scarcity leads to higher prices. Instead of staked ETH volume actually declining, it is expected to increase because once withdrawals are possible, investors will be more confident to stake their coins, knowing that they can easily get it back.

“With more ETH being staked and removed from circulation, the downside price pressure seems limited as long as ETH remains staked.”

Another Rally To $1,600 for ETH

The report further elaborates on its expected price reaction for Ethereum following the “Shanghai” upgrade. It notes that the digital asset is already breaking out of its sideways consolidation which is a good thing as such a breakout from previous consolidations had seen ETH rally as high as 39% in 2022.

Ethereum price chart on TradingView.com

ETH jumps above $1,250 | Source: ETHUSD on TradingView.com

So if another breakout such as this were to take place, it is possible that the digital asset could see an over 27% increase just like it did in October 2022. This would obviously bring its price back up to $1,600 with a 27% rally, and above $1,750 with a 39% rally. It also predicts lower volatility for the year 2023, but still expects investors to see a 9.8% increase with a 63% implied volatility for March 23.

Besides the factors outlined in the Matrixport report, another thing that could support this bull case is a “buy the rumor” event. These often occur leading up to important upgrades such as “Shanghai” where investors capitalize on the anticipation to drive the price of a digital asset up. Therefore, in the months and weeks leading up to the upgrade in March, multiple rallies could be triggered which would bring ETH’s price to at least $1,500.

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from Ethereum Price, chart from TradingView.com



Source link

Ethereum Jump Trade
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Bitstamp to end Ethereum staking for U.S. customers in September

2023-08-23

U.S. SEC To Approve Ethereum Futures ETF Nearly Two Years After Authorizing Similar Bitcoin Product: Report

2023-08-18

Will indication of SEC approval for Ethereum futures ETFs be precursor to further pain?

2023-08-18

Valkyrie files for Ethereum futures ETF

2023-08-17
Add A Comment

Leave A Reply Cancel Reply

Top Posts

Vitalik Buterin believes crypto still ‘needs time to mature’ before mainstream adoption

2022-10-31

Sam Bankman-Fried’s Lawyers Say $5,000,000,000 in Assets Now Recovered From Collapsed Crypto Exchange: Report

2023-01-11

NFT Marketplace OpenSea Flags Data Breach, Here’s What Was Leaked

2022-06-30

Subscribe to Updates

Get the latest news and Update from Cryptonewsmetaverse.com about Crypto, Metaverse and NFT.

Our mission is to develop a community of people who try to make financially sound decisions. The website strives to educate individuals in making wise choices about Cryptocurrencies, NFT, Metaverse and more.

We're social. Connect with us:

Facebook Instagram YouTube TikTok
Top Insights

Hitachi Leverages Metaverse and VR for Next-Generation Workforce Training

2023-09-25

What is NBA Top Shot? A Beginner’s Guide

2023-09-22

Upland and KABOOM! Unite to Address Playspace Inequity

2023-09-22
Get Informed

Subscribe to Updates

Get the latest news and Update from Cryptonewsmetaverse.com about Crypto, Metaverse and NFT.

  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
© 2023 Cryptonewsmetaverse.com. Designed by ProdigitalX.

Type above and press Enter to search. Press Esc to cancel.

  • bitcoinBitcoin(BTC)$26,326.000.60%
  • ethereumEthereum(ETH)$1,591.100.84%
  • USDEXUSDEX(USDEX)$1.07-0.53%
  • tetherTether(USDT)$1.000.08%
  • binancecoinBNB(BNB)$211.371.33%
  • rippleXRP(XRP)$0.510.73%
  • usd-coinUSDC(USDC)$1.000.03%
  • Lido Staked EtherLido Staked Ether(STETH)$1,589.540.87%
  • cardanoCardano(ADA)$0.2467570.94%
  • dogecoinDogecoin(DOGE)$0.0610290.16%