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Ethereum’s price has experienced a period of consolidation, with the price hovering around the $1800 psychological support level for almost a week.
Ethereum Forms Bearish Flag, Indicating Potential Downside
Ethereum’s sideways movement has been characterized by the formation of a bearish flag, as the price has been bouncing between two converging trendlines. It is uncertain how this pattern will impact the future trend of Ethereum, but it is currently considered a no-trading zone.
Despite the positive reaction of the cryptocurrency market to the US Fed’s announcement of a 25 basis points rate hike during the FOMC meeting on May 3rd, the Ethereum price remained within the triangle pattern, suggesting a lack of clarity among traders. The price briefly rose before falling back down from the pattern’s resistance trendline, indicating a prolonged consolidation phase.
The bearish pattern could increase the likelihood of a breakdown below the support trendline, potentially leading to a resumption of the current downward trend. If the daily candle closes below the trendline, selling pressure could cause the price to drop by 10% to reach $1650.
However, if the price breaks out above the overhead trendline, it may signal the beginning of a new recovery rally, potentially pushing the price back up to its previous swing high of $2133.
Intraday trading volume in Ether is currently at $9.04 billion, representing a 42.5% increase. This may indicate increased interest in Ethereum, but it remains to be seen whether this will lead to a definitive trend in either direction.
Ethereum Improvement Proposals (EIPs) Under Evaluation for Network Improvement
The Ethereum network is gearing up for its upcoming update after the successful launch of the Shapella Upgrade. The new Dencun update is already in the works, and developers are working on proto-dank sharding, which is expected to be a significant development for the network.
Among the Ethereum Improvement Proposals (EIPs) being evaluated, one is EIP-2537. It aims to simplify the process of validating Beacon Chain signatures and enable the creation of new use cases.
At first, there were reservations about incorporating a new cryptographic curve, but they have been addressed. Moreover, EIP-4788 has been deliberated as a proposal that would permit Ethereum’s execution layer to retrieve data from the Beacon Chain, leading to the creation of safer staking pools, bridges, and restaking protocols.
It is currently unclear how these upgrades will impact the Ethereum network, but the last upgrade, the Shapella Upgrade, was well-received by the crypto community. After its launch, there was a significant increase in ETH deposits, which suggests a reduction in staking risks. Before the upgrade, the average daily deposits were recorded at 14,000 ETH, but this surged to 81,000 ETH per day after the upgrade, indicating a 6-fold rise.
Although ETH prices were increasing, the current put-to-call ratio for ETH indicated a negative sentiment among traders. Conversely, the gas activity on the Ethereum network implied that there has not been a decrease in daily activity within the last few weeks, despite the fact that the number of NFTs traded on the network experienced a significant decline.
ETHs Alternative Making News Among Investors
In recent weeks, a new and innovative eco-friendly crypto platform, Ecoterra, has gained popularity in the cryptocurrency market. The platform offers a unique recycle-to-earn model that incentivizes users to recycle and engage in eco-friendly activities.
By using cutting-edge blockchain technology, Ecoterra provides a secure and efficient system that rewards users with its native token, ECOTERRA, based on their recycling efforts.
Ecoterra’s recycle-to-earn model requires users to utilize the upcoming app to scan the barcodes of products they want to recycle and receive ECOTERRA tokens as rewards.
Users can also scan their electricity bills in order to earn ECOTERRA, but they must ensure that the energy sources they use are renewable, such as solar power. Additionally, Ecoterra provides a feature that sorts users’ preferred products according to their brand, weight, material, and volume.
What sets Ecoterra apart from other eco-friendly crypto platforms is that it offers benefits to both individual users and companies. Any climate-conscious company can join the recycle-to-earn ecosystem and become an eco-friendly brand while collecting data on customers’ recycling habits and storing it safely in Ecoterra’s AI-powered secure database.
In addition to that, businesses have the option to purchase carbon offsets via the app and utilize the Ecoterra request, search, and filter system to recycle materials from overseas companies.
Here’s Why Investors Are Choosing Ecoterra Over ETH
Ecoterra’s unique offering has quickly gained the attention of crypto enthusiasts worldwide. And there are several reasons to add the token to your portfolio.
To start with, Ecoterra’s recycle-to-earn model incentivizes users to recycle and use renewable energy, leading to carbon footprint reduction for both individuals and businesses. This is a sustainable goal that many crypto enthusiasts have been trying to achieve.
Ecoterra has already secured major partnerships with household brands such as Delhaize, Vittel, Heineken, Dr. Pepper, and San Pellegrino. Collaborating with these brands has helped stabilize the soon-to-launch in-house recycling marketplace.
The partnership with Delhaize, for example, will see the supermarket chain add RVM infrastructure to its stores, making it accessible to the masses.
The Ecoterra presale provides an opportunity for crypto enthusiasts to invest in ECOTERRA tokens before they get listed on popular crypto exchanges.
Investing in Ecoterra at an early stage is a wise decision, given that the global recycling market is expected to be valued at $700 million by 2027. Moreover, the platform aims to build a passive income stream for all Ecoterra users, making it an attractive investment opportunity.
At present, ECOTERRA can be purchased for $0.007 in the current phase of the presale. As the presale progresses, the price of the token will rise. Naturally now is a good time to purchase Ecoterra at a discount.
To sum it up, Ecoterra presents an original and creative approach to lowering our carbon impact while encouraging people and companies to participate in environmentally-friendly actions.
Its collaborations with leading companies and the encouraging results of the presale make investing in Ecoterra a sensible choice. It is best to purchase the token now, given the discount available. Doing so later will result in a price increase for the token, and therefore, the earlier you get in the better.
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