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ETH price, like other major crypto assets, took a breather from the three-week rally over the weekend, perhaps to tap more liquidity before lifting above $1,700. The largest smart contracts token exchanges hands at $1,631 at the time of writing, although its value remains relatively unchanged over the last 24 hours.
Vitalik Buterin Digs Deeper into Privacy-Oriented ETH as Ethereum Price Rally Steadies
Vitalik Buterin, the co-founder of the second-largest cryptocurrency, believes privacy is the “largest remaining challenge” on the proof-of-stake powered Ethereum. The renowned software developer and crypto industry figure recently shared a possible solution that could be used to address privacy needs on the network.
In a blog post published on January 20, Buterin reckoned that it was important to include some privacy features on the protocol because all data transmitted through a “public blockchain” is indeed public.
Buterin has proposed the concept of “stealth addresses” which in his opinion could be used to make peer-to-peer transactions anonymous. Other elements that could benefit from this are nonfungible tokens (NFTs) transfers and the Ethereum Name Service (ENS) registrations.
Buterin believes stealth addresses (whose details can be found here) are the way to address anonymity on the Ethereum network and is better that the now United States Office of Foreign Asset Control (OFAC)-sanctioned Tornado Cash which cannot add privacy to NFT transfers.
“Tornado Cash can hide transfers of mainstream fungible assets such as ETH or major ERC20s […] but it’s very weak at adding privacy to transfers of obscure ERC20s, and it cannot add privacy to NFT transfers at all.”
Buterin explained further:
“Basic stealth addresses can be implemented fairly quickly today and could be a significant boost to practical user privacy on Ethereum.”
Why ETH Price Rally Is Persistent?
Ethereum price is holding significantly above major levels that are in place to provide support in the event of an overwhelming pullback. Notice ETH sitting on top of all the applied major moving averages, starting with the 50-day Exponential Moving Average (EMA) (in red), the 100-day EMA (in blue), and the 200-day EMA (in purple).
The bullish outlook in Ethereum price has the potential to stay aggressive this week, considering the 50-day EMA is crossing above the 100-day EMA. For now, all eyes are on the bulls’ ability to break and hold above the lower yellow band resistance.
Such a move would open the door to $1,700 – an intraday breakout target and conceivably stretch the leg to reach $2,000. A buy signal from the Moving Average Convergence Divergence (MACD) indicator cements the bullish grip on the Ethereum price as it rises far above the mean line.
With the MACD (line in blue) holding above the signal line (in red), investors are encouraged to keep betting on long positions in ETH price. Moreover, it is this momentum that is keeping it overbought and, on an uptrend, without major retracements.
Key Fundamentals Backing ETH Price Rally
Price analysis has established that Ethereum has a higher chance of breaking out to $1,700 and $2,000 as opposed to retracing to lower levels at $1,460 and $1,350. The IOMAP model by IntoTheBlock (ITB) reinforces the uptrend by highlighting strong support between $1,437 and $1,485.
Approximately 543,000 addresses previously purchased 5.5 million ETH in that range and will be willing to throw their weight to defend Ether’s rally this week. On the other hand, Ethereum price has a clear path to highs around $1,881, which means bulls have the upper hand.
Altcoins To Consider for Quicker Returns in 2023
Investors may consider diversifying their portfolios with the best crypto presales in the market. Based on the results of previously launched altcoins like Tamadoge (TAMA) which rallied by more than 1,800% upon listing on the exchanges, investors can look forward to incredible gains in the short term. Moreover, these up-and-coming crypto projects have the potential to shape the future of the crypto space.
Meta Masters Guild (MEMAG)
The highly popular crypto project, Meta Masters Guild (MEMAG), is selling quickly with over $977k raised within just three weeks. The first round of presales sold out within a week. Currently, investors can purchase 1 MEMAG for $0.01, but the price will rise in the next round.
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— Meta Masters Guild Games (MEMAGX) (@MEMAGgames) January 22, 2023
Meta Masters Guild is a gaming platform that aims to be a more accessible alternative to other play-to-earn crypto projects like The Sandbox and Axie Infinity. Players can earn rewards in the form of Gems, an in-game currency that can be exchanged for MEMAG tokens for staking.
Users have the option to exchange Gems for other cryptocurrencies like BTC and ETH. As Meta Masters Guild operates on a Web3 platform, Gems can be utilized to purchase NFTs and other items within the games.
At present, three games are being developed, including Meta Kart Racers, a player-versus-player mobile game created in partnership with Gameround, a well-known game development company. Another game, Raid NFT, will enable players to acquire tradable NFTs and Gems. Lastly, Meta Masters World will feature a vast metaverse where users will explore and interact with each other/
Fight Out (FGHT)
With an increasing emphasis on health and wellness among the global population, there is a growing demand for innovative solutions that make maintaining fitness more exciting and fulfilling.
Fight Out, a fitness app and gym chain utilizing a Move-to-Earn (M2M) concept, aims to meet this need by incorporating elements of gaming into the fitness experience. Users can earn rewards, badges, and progress within a dynamic ecosystem by completing workouts and challenges on the platform.
The app utilizes a currency called REPS, an off-chain in-app token, to reward users within the Fight Out ecosystem. The system operates on a subscription basis and users can use both FGHT and REPS tokens during sign-ups.
Fight Out’s presale has already raised $3.21 million, and it will soon be listed on the LBank Exchange. Investors can still purchase FGHT tokens through the link provided and take advantage of a limited-time 50% bonus.
Related Articles:
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- ADA Price Prediction – Where is Cardano Heading to This Year?
- APT Price Prediction – Aptos Forming Bullish Engulfing Patterns
- Meta Masters Guild $MEMAG Crypto ICO Raises $825,000 – Best P2E Crypto 2023 & Bitcoin Targets ? – YouTube
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