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Ethereum is consolidating on its gains the previous day, trading at $1,584.74 today. The number two ranked cryptocurrency traded at a high price of $1,607 on March 12, 2023, and has maintained its positive price today.
Ether started the month positively, trading at $1,663 on March 1, 2023. It returned to $1.5k on March 3 and maintained the price level before a further decline to $1.4k by March 9, 2023. However, Ethereum has remained at the $1.5k price level since March 12, sparking a debate among investors on a possible rebound for the altcoin.
Factors Affecting The Price Of Ethereum
Ethereum’s recent price resurgence could be a product of several factors and recent developments on the network. The Ethereum Foundation is a renowned developers’ hub and has unveiled new trends on its network.
Here are the latest trends that might be driving its price.
Binance Converts $1 Billion Recovery Fund To BTC, ETH, And BNB.
Binance established the Industry Recovery Initiative in a swift response to the collapse of FTX in 2022. The Industry Recovery Initiative will serve as an aid to struggling crypto projects with exposure to FTX. The fund contains a $1 billion Binance USD Coin (BUSD).
Given the changes in stable coins and banks, #Binance will convert the remaining of the $1 billion Industry Recovery Initiative funds from BUSD to native crypto, including #BTC, #BNB and ETH. Some fund movements will occur on-chain. Transparency.
— CZ 🔶 BNB (@cz_binance) March 13, 2023
Changpeng Zhao, CEO of Binance, stated on Twitter that the funds will now be converted from BUSD to other crypto tokens. BTC, BNB, and ETH were the cryptocurrencies mentioned for the conversion. He also stated that some transfers would be done on-chain for transparency.
The regulatory pressure on BUSD led to the planned conversion, with Coinbase announcing its plans to suspend trading for BUSD in a few weeks. The announcement from Paxos Trust as they suspended the minting of BUSD due to regulatory pressure triggered the Coinbase reaction. With this development, ETH is among the list of cryptocurrencies trusted as a store of value.
Ethereum’s Georli Shapella Updates
Ethereum Foundation announced that after a smooth Sepolia transition phase, the Shapella upgrade would launch on the Goerli testnet. This will be the last testnet upgrade before Shapella moves the Ethereum mainnet.
This upgrade will enable ETH validators to withdraw their stake from the Beacon Chain to the execution layer. It also brings additional functionality to the execution and consensus layer of the ETH blockchain.
The Shapella Upgrade will be activated on the Goerli Network on March 14, 2023.
Ethereum Launches Account Abstraction Grants
Ethereum remains one of the most active hubs for developers in the crypto sphere. The Ethereum Foundation provides grants to encourage development, research, and education on account abstraction and the infrastructure needed for support.
🎉The Account Abstraction Grants round is now open!🎉
The Ethereum Foundation is requesting proposals to improve and strengthen the infrastructure surrounding Account Abstraction on Ethereum: https://t.co/rAA474Sqmt
The deadline is in 4 weeks! Let us know if you have questions!
— EF Ecosystem Support Program (@EF_ESP) February 27, 2023
The account abstractions aim to free up the design space for a better user experience and more innovation in wallet technology. However, the Ethereum community focuses on building standard interfaces without compromising decentralization and censorship resistance.
The network also provided details on the kind of projects expected to receive support with up to $300,000 available. The grant application kicked off on February 27, 2023, and will wrap up on March 31.
Ethereum Devcon 7 In 2024 Set For Southeast Asia
Ethereum Network is committed to increasing crypto adoption and its reach in the market. On its blog, the Network announced plans to host its developer’s conference (Devcon 7) in Southeast Asia in 2024. The event suffered setbacks due to the covid pandemic but is set to return in style on the Asian continent.
Ethereum hopes to promote its subtraction mindset and other community-based ideas. The event will showcase the true potential of Asia on the Global Crypto Adoption Index, where Vietnam and the Philippines are number 1 and 2.
Ethereum Price Prediction
Despite forming a red candle on the daily chart, ETH has shown signs of recovery today. The upper wick has broken above the 50-day Simple Moving Average (SMA). This means the bulls are active in the market and seeking to consolidate on previous gains.
Although ETH is still below its 50-day SMA, which is a short-term bearish signal, it is still above the 200-day SMA, a long-term bearish signal. The 200-day SMA acted as a price pivot as ETH’s price increased after it bounced off this level on March 11, 2023.
The Relative Strength Index (RSI) is at 51.44, in the neutral zone, and is moving sideways. If the bulls persist, expect a break to the upside for the indicator. ETH’s Moving Average Convergence/Divergence (MACD) is below its signal line and giving negative values, which is a bearish signal. However, the histogram bars are fading, indicating a possible trend reversal.
ETH is currently trading at $1,584.74, the support levels are $1,372.68, $1,416.60 and $1,501.27, and the resistance levels are $1,629.87, $1,673.79 and $1,758.46. Ethereum is close to the $1,629.87 resistance level, likely trading above $1600 in the coming days.
However, a break above the $1,629.87 resistance will lead to a bull run for the asset. Expect more positive price action from the altcoin moving forward.
ETH Alternatives That Can Reward Investors
As Ethereum gains in the market, other altcoin presales reward early investors and have huge potential.
Love Hate Inu (LHINU)
Love Hate Inu is a meme coin project and a pioneer vote-to-earn Web3 Platform. It is social polling platform based on blockchain technology. The project has gone viral on social media, with over 31,000 Twitter followers forming a solid fanbase.
The LHINU presale has raised $357,000 so far, with investors not wanting to trail behind on this innovation. The tokens are currently worth $0.000085 but will increase in value in the next few days.
Love Hate Inu will list at $0.000145, which means early investors can take advantage of a potential 70% reward once it lists on the open market. LHINU holders can stake their tokens to secure the network and vote on meme polls on various topics. Users participating in poll voting and staking will earn rewards from the poll creator.
Securedverse (SVC)
Securedverse is a unique Web 3.0 play-to-earn (P2E) gaming model that allows users to earn rewards by playing on the platform. This game’s thriving ecosystem includes a DAO for voting, governance, and decentralized virtual worlds.
It is free-to-play and accessible to players regardless of financial status. This first-person shooter game offers interesting in-game interactions with diverse heroes and weapons. Player performances will be posted on a leaderboard, and rewards will be given in SVC coins based on leaderboard rankings.
The SVC token presale is ongoing, with 140 million SVC tokens, for presale. The first stage will release 35 million SVC to the public at $0.0143 USDT per token before it increases at the second presale stage to $0.0186 USDT.
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