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Ethereum is gaining today as it retains most of its gains in the past week. Despite the launch of several altcoin projects, Ethereum retains its number two spot in the market behind industry leader Bitcoin.
Over the years, the innovations within its ecosystem, including its deployment of smart contracts, have attracted investors to its community.
Ethereum remains a foremost hub for NFTs and Metaverse innovations. But like other digital currencies, its price action reacts to several factors.
ETH Targets $1900 Next
ETH traded at $1,862 on June 1, moving to $1,907 on June 2, 2023. It retraced slightly to $1,892 on June 3, staying within this price range till the bears pushed it down to $1,752 on June 10.
It fell to $1,650 on June 14 before returning to $1,716 on June 16. It reclaimed the $1,891 price level on June 21, coinciding with the recovery of the general crypto market.
ETH increased to $1,900 on June 25 before returning to $1,859 on June 26. Today June 30, ETH is trading at $1,885, with an increase of over 2% in its price in the past 24 hours.
Also, its trading volume is up by 30.16%, suggesting growing market activity among investors.
Ethereum Bullish Today As Buy Pressure Mounts
ETH is in an uptrend, trading in the $1800 range on the daily chart as the bulls continue to push its rally.
It has formed a higher high on the price chart today, with the upper wick of the candle signaling an increase in buy pressure as the bulls sustain the trend.
It is trading above its 50-day and 200-day Simple Moving Averages (SMA), a short and long-term bullish sentiment.
Also, its Relative Strength Index (RSI) value is 57.04 in the neutral region between the oversold region of 30 and the overbought; region of 70.
The RSI is moving upwards, suggesting a potential price surge ahead for the asset.
ETH’s Moving Average Convergence/Divergence (MACD) is above its signal line, displaying a positive value and a bullish sentiment.
Also, the MACD’s Histogram bar is on green today, confirming the bullish pressure in the market. ETH will likely continue its rally if it overcomes its nearest resistance level.
ETH Support And Resistance Levels
ETH is close to the resistance level of $1901.0 as the bulls continue to push its price. It found critical support at the $1828.0 support level on June 29, boosting it to trade above the next support level of $1847.0 today.
A break above the $1901.0 price level will see ETH likely reclaim the $2000 psychological resistance level. However, if the bears re-enter the market, the $1847.0 support will prove critical to arrest a potential downtrend.
Factors Affecting Ethereum’s Price
Several factors could influence the ETH’s price. These factors include laws of supply and demand, crypto regulation, and macroeconomic factors such as inflation.
Also, investors’ sentiment and token utility play a vital role in the success of a crypto project. Developments within an ecosystem are another factor that will likely boost the price of an asset.
Ethereum is widely regarded as a successful developers’ hub, providing grants yearly for different projects within its ecosystem.
Here are the latest trends that could likely affect its price pattern.
Ethereum Staking Attains All-Time High Of 25.8 Million
Ethereum staking is rising following the successful Shanghai Upgrade transitioning the network from Proof-of-Work (PoW) to Proof-of-Stake (PoS).
ETH accumulation on the beacon deposit contract increased significantly. Currently, the ETH deposit contract is worth $25.8 million, valued at $48 million, and a new all-time high value.
Staking helps to validate transactions on Ethereum’s network. Hence, it is a vital component of the ecosystem. Stakers earn rewards for contributing to network security, a major reason behind the surge.
Over 20.3 million ETH tokens are staked, and 640,488 validators are on the network.
Validators are responsible for storing data and processing transactions on the network. Also, they add new blocks to Ethereum’s blockchain. But Ethereum validators must deposit 32 ETH to activate their validator software.
Several options are available for validators, such as solo home staking, staking-as-a-service, pooled staking, and centralized exchanges.
An increase in staking on the network also boosts the Ethereum deposit contracts leading to its all-time high value. This increase in Ethereum’s deposit contracts is likely a contributing factor to its recent price surge.
Devconnect Program Launches
Ethereum recently announced the launch of its first Devconnect Scholar Program, which will hold in Istanbul, Turkey, from November 13-19.
According to the announcement, Ethereum seeks a more inclusive approach where individual developers from communities underrepresented in the ecosystem can participate.
Also, Devconnect Scholars will get financial support for transportation, visa application, and accommodation.
However, certain criteria qualify an individual for the program. They include knowledge in protocol management, Web3 development, crypto economics, privacy, UX, and governance.
This program highlights Ethereum’s emphasis on a community-driven approach. These programs create awareness in different geographical locations and boost Ethereum’s adoption, thereby helping its price.
Mastercard Builds Ethereum-based App Store For Regulated FinTech Apps
Global payment powerhouse Mastercard is adopting a more crypto-friendly approach with the coming launch of its Multi Token Network (MTN).
This MTN will be the app store backed by blockchain technology and provide an enabling environment for building regulated financial apps.
With this move, Mastercard hopes to expand its scope and provide developers with a wider range of tools on its platform. One such tool is a private version of Ethereum which developers can access to build modern applications.
Executive Vice President and Head of Crypto and Blockchain at Mastercard, Raj Dhamodharan, emphasized the importance of cryptocurrency and its associated technologies.
According to Dhamodharan, they believe digital assets and blockchain technology today are on a similar path to becoming a vital channel for storing and transferring value.
He noted that MTN would leverage Mastercard Crypto Credential to build trust by leveraging effective identity management. Also, he believes that stable, regulated, and scalable payment tokens are vital for effective payment applications.
Above all, MTN ensures that customer rights are fully protected and services are stable and provided with full regulatory compliance.
According to the executive, the beta version of MTN will be available in the United Kingdom in the summer to act as a test case for developing live use cases.
MTN aims to bring users safe and easy access to digital payment solutions powered by blockchain technology. Dhamodharan noted that several partners are working with Mastercard on an initial project to enable public chain transfers.
Ethereum Alternative
While Ethereum gains in the market today, users are branching into massive memecoin adoption as Wall Street Meme continues its successful presale.
Wall Street Memes (WSM)
Wall Street Memes (WSM) is a new crypto project currently making waves in the crypto community. It aims to celebrate the triumph of ordinary individuals against capitalist society and its unfair wealth distribution.
This revolutionary mission uses meme coins to accumulate wealth among the regular masses. Surprisingly, the memecoin revolution in 2023 is rewarding investors, evident in the success of PEPE and SPONGE.
The surging interest in memecoins by the crypto community created the $WSM token. This token relies on a community-based approach and enables meme trading among its holders for rewards.
Gordon Gekko’s iconic phrase “greed is good” from the 80s laid the foundation for this community-driven investment scheme. WSM investors hope for substantial returns, most especially when the token eventually lists on exchanges.
The crypto market is a volatile and highly uncertain space. As such, even the established tokens experience unexpected price volatility due to macroeconomic factors.
Consequently, diversification of investment portfolios is a wise strategy, hence adopting memecoins that seem playful but reward investors.
Despite regulatory pressure, $WSM continues its progressive journey drawing massive interest from its growing community.
Currently, Wall Street Memes Airdrop is live on their website. The announcement shows five winners will receive $50,000 in $WSM tokens. The five winners will receive $10,000 worth of $WSM tokens.
The airdrop further highlights the platform’s community-based approach rewarding participants for completing several tasks.
However, certain criteria are vital to be eligible for the airdrop event. The participants must follow WSM’s social media handles, and hold $WSM tokens, providing proof of purchase.
The WSM community will likely benefit from this event since it will massively attract more investors to acquire the tokens. Currently, 1 WSM is worth $0.0307, and the presale stage is above the $11.5 million mark out of the goal of $12.64 million in this stage.
This further emphasizes the growing interest in the token and soaring community strength. It has over 1 million active community members, over 40 million impressions each month, and unlimited memes. The next presale stage will commence in three days, with a price increase of $0.031 set to occur.
WSM tokens are easily purchased with bank cards, BNB, USDT, or ETH. For the crypto options, users must possess a wallet and connect it to complete the purchase. Wall Street Meme has the potential to outperform the early rally of PEPE once it lists on exchanges.
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