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Over the last week, the cryptocurrency markets have witnessed an impressive bullish run, largely due to increasing inflation figures and the long-awaited Ethereum Shanghai upgrade. The two biggest cryptocurrencies, Bitcoin and Ether, have both experienced notable gains, with BTC registering a growth of approximately 9%, and ETH soaring by a remarkable 11%.
ETH Price Climbs Following The Shanghai Update
The positive momentum in the crypto industry has been a great development for investors, who have been eagerly awaiting a turnaround after a prolonged period of mundate market activity.
With these recent gains, cryptocurrency enthusiasts and market analysts are optimistic about the future outlook for digital assets, particularly in the wake of the increasing mainstream adoption and recognition of cryptocurrencies as a legitimate asset class.
The recent unlocking of 18.2 million ETH had initially triggered concerns among investors that it could result in a sell-off, leading to a decline in Ethereum’s value. However, the markets have responded positively to this de-risking of ETH staking, which came as a surprise for the skeptics.
This has not only increased the confidence of investors in the digital assets but has also contributed to ETH slowly chipping away at Bitcoin’s dominance in terms of market capitalization. Additionally, the surge in trading volumes for ETH has been remarkable, with Thursday witnessing a significant spike to more than twice its 20-day moving average.
While BTC’s trading volumes breached its 20-day moving average every day this week, except Thursday. These trends suggest that the markets are evolving, and investor sentiment towards Ethereum is becoming increasingly positive, a promising sign for the future of the cryptocurrency industry.
Both BTC and ETH breached the upper range of their Bollinger Bands this week, indicating increased bullishness. The completion of the Shanghai upgrade has been a significant event for the crypto markets, and investors are eagerly anticipating the next developments in this exciting and ever-changing landscape.
Bond markets have also begun to respond to recent economic reports, with the spread between two- and 10-year Treasury bonds narrowing since early March. The Federal Reserve may be hoping that such signs will provide a reason not to raise interest rates again when the Federal Open Market Committee next meets in May.
Market Experts Predict ETH To Reach $3000 Before May
Ethereum is the second-largest cryptocurrency after Bitcoin, with a well-established reputation and an ability to support other cryptocurrencies, NFT communities, and dApp developers.
The token has made an impressive recovery since the start of 2023, and the overall crypto market is showing positive signs of revival as well. This has attracted new investors towards Ethereum, and boosted the token’s price in the short term. Moving forward, there will be a bunch of factors at hand that’ll push Ethereum past $3000 by the end of April
Investors believe that a continuation of the bull run that started in 2020 will maintain a gradual uprise in the tokne’s price. The demand for DeFi applications, NFTs, and other use cases for Ethereum will continue to grow, leading to new heights. Some experts even predict prices above $10,000 by the end of the year as well.
The increasing number of other blockchain projects will further aid the adoption of the network. Ethereum has been the leading blockchain for DeFi and other use cases, but it faces stiff competition from other blockchain projects like Solana and Cardano, which are gaining popularity among developers and investors.
However, the DeFi ecosystem has been growing rapidly, with more and more applications being built on the Ethereum network. As DeFi becomes more popular, the demand for Ethereum could increase, potentially leading to higher prices.
On a longer time frame, the increased institutional adoption of cryptocurrencies will further catalize the price of the token. As Ethereum becomes more established and widely used, it could also attract institutional investors, driving up demand for ETH and potentially leading to higher prices.
For now, however, the Shanghai Update has been the primary push for the token’s price. ETH has resisted double digit returns since the update, and this is expected to continue over the next few weeks.
With that being said, there’s no certainty that ETH will follow these predictions as the crypto market continues to be volatile and any significant event can make the prices plummet. If you’re looking for an alternative cryptocurrency with a lower entry barrier, you might benefit from the Ecoterra Presale.
Can Ecoterra Presale Cross $3 Million?
Ecoterra is an all new crypto project, offering an eco-friendly blockchain-based ecosystem that encourages individuals and companies to fight against climate change. The platform incorporates various applications and marketplaces, creating an interconnected and sturdy system to support stakeholders in their sustainability efforts.
The platform’s aims to encourage active recycling and promote its importance through green educational initiatives. Incentives are also provided to users through the Recycle2Earn app, which offers ECOTERRA tokens as rewards.
These tokens can be staked to earn passive income and provide . Plus, companies that manufacture recyclable materials can also reap benefits from the use of Ecoterra.
This will also help improve communication between recycling and product companies to promote a circular product life cycle. Recycling companies can sell raw materials on the shared marketplace, and product companies can purchase them to produce new goods.
Ecoterra also has a carbon offset and recycled materials marketplaces. The carbon offset marketplace allows users and companies to offset their carbon emissions by using Ecoterra tokens. Through this marketplace, users can support high-standard verified projects globally. The amount of carbon offset can be converted into NFTs.
The recycled materials marketplace, on the other hand, will allow companies to find recycled materials, connect with recyclers, and perform other relevant actions.
Ecoterra’s presale is currently underway, where each token costs $0.00625 and can be purchased using ETH, USDT, or a card. ECOTERRA is based on the ERC-20 standard, and the total supply of the token will be 2 billion.
The project is still in its early stages, and the price of the token will continue to increase as the presale progresses into later stages. Once the presale is concluded, the team will focus on various other aspects, such as marketing, advertising, and more.
The presale has raised over $1.36 million in the little time it has been live. Investors are confident that the presale will soon cross $3 million, as more investors become aware about it. Hurry now, to get ECOTERRA on a discount.
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