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Ethereum shows signs of price volatility today as its trading volume drops by 5.92% in the last 24 hours. Despite the current retracement, the number two ranked crypto project still maintains most of its gains from June 2023.
Ethereum is a decentralized open source blockchain network that hosts numerous crypto projects and executes smart contracts. The ERC-20 compatibility standard is arguably the most widely used in the crypto community, with over 280,000 ERC-20-compliant tokens launched.
ETH Close To $2000 Price Level Today
ETH continues trading below the psychological resistance level of $2,000, which it attained on April 18, 2023. It traded between $1907 on June 1 and the $1800 price range till June 10, when the bears forced its price to decline further to $1752.
Also, it dropped to $1,650 on June 14 before its eventual recovery to $1,716 on June 16. By June 21, ETH traded at $1,891, briefly touching $1,900 on June 25.
June 26 ushered in a retracement to $1,859 before it reclaimed the $1,933 price level on June 30. ETH is trading at $1952 as it approaches the $2000 price mark.
Ethereum Close To The $2000 Resistance Level
ETH is in an uptrend today, forming a green candle on the daily chart. Its price movement is subtle today, as the bears at the $2000 resistance level try to prevent a break above this price point.
Notably, ETH is trading above its 50-day and 200-day Simple Moving Averages (SMA), a bullish sentiment for the asset in the short and long term. It implies that the bulls still have the upper hand and hope to consolidate their gains.
Also, the Relative Strength Index (RSI) value is 62.25, close to the overbought region of 70. However, the RSI displays neutrality as it moves sideways today.
ETH’s Moving Average Convergence/Divergence (MACD) is above its signal line, a bullish sentiment for the asset. It implies that ETH will likely continue on its uptrend in the coming days.
However, the Histogram bars are fading on the chart today, noting a possible trend reversal ahead. ETH will likely retrace long-term if the bears sustain their charge.
Ethereum Support And Resistance Levels
ETH found critical support at the $1827.4 price level sustaining its increase to $1901.2. It is trading close to the psychological resistance level of $2000, where the bears have refused to relent since April 2023.
A break above this level will send ETH closer to its all-time high value of $4,891, although much of its price movement depends on several factors in the market. ETH will likely continue its rally in the short term and reclaim higher highs if the bulls sustain the current rally.
Cryptocurrencies are volatile assets that can deviate from historical or predicted price action. Proper risk management and technical analysis are required to trade safely. Most importantly, do your research.
Factors Affecting Ethereum’s Price
Several factors could influence the price of crypto assets. These factors might work independently or combine to affect its price action.
Some factors include laws of supply and demand, macroeconomic factors such as inflation and recession, crypto regulation, and investor sentiment.
Also, the utility and adoption of a crypto token are vital to its overall value in the market. Notably, developmental trends within its ecosystem can influence its price positively or otherwise.
Recent Trends In Ethereum’s Network Likely Influencing Its Price
Ethereum’s ERC-20 Added To Its Documentation
Co-founder of the Callisto network, Dexaran, announced on Twitter that the ERC-223 standard is now officially part of Ethereum’s documentation.
Ethereum operates with three token standards, ERC-20, ERC-777, and ERC-223. The ERC-20 token is currently a widely used standard in the crypto industry across several networks. However, its limitations include permanent token loss in contracts not designed to receive sent tokens.
ERC-223 is more advanced by the ERC-20 standard. It enables tokens to become first-class value transfer assets in smart contract development.
Also, they are backward compatible with ERC-20 tokens. It implies that ERC-223 supports all functions of ERC-20. This announcement could positively influence ETH’s price if the application of the new standard is successful.
Ethereum’s Core Developers Hold Consensus Call
Ethereum’s core developers, on June 29, 2023, held a Zoom virtual meeting for their 112th All Core Developers Consensus Call (ACDC).
Ethereum Foundation’s Researcher Danny Ryan chaired the meeting where the developers discussed and suggested changes for Ethereum’s Consensus layer.
This week’s discussion centered on including a builder override flag in the engine API and changing the maximum effective balance for validators.
The Ethereum upcoming Cancun-Deneb (Dencun) Upgrade is a hard fork on the network that is vital to the network’s evolution. Dencun hopes to introduce important updates, such as security, usability, and scalability.
The developers discussed the critical issues surrounding the upgrade and the results they hope to achieve. Also, they plan to deprecate the public Goerli test network by the end of 2023. Its replacement is a testnet known as Holesky.
Additionally, they reviewed a proposal from an Ethereum Foundation researcher Michael Neuder to increase the effective balance of ETH validators.
He noted that one of the main benefits of increasing this validation is to boost the maximum effective minimal balance, thereby slowing the growth of validators.
These upgrades aim at creating a more effective network for Ethereum users and the crypto community. The success of these upgrades will likely improve ETH’s price.
CryptoQuant Reveals Slows Growth of Eth Reserves On Exchanges
On-chain analytics platform CryptoQuant revealed that some notable crypto exchanges had not increased their EYH reserves much in the last two years. According to the report, Binance, Coinbase, and Gemini were the top three exchanges with the largest ETH reserves in April 2021.
Coinbase held 24.9 billion ETH, Binance 14.5 billion ETH and Gemini 11.6 billion. However, as of May 2023, Binance held 16.6 billion ETH reserves, Coinbase 12.6 billion, and Gemini 3 billion, signifying a drop by these three exchanges.
Comparatively, the Bitcoin reserves on these exchanges increased during the same timeframe ahead of the 2024 halving event. This drop can negatively affect Ethereum’s price action in the short and long term.
Devconnect Program Launches
Ethereum announced the launch of its maiden Devconnect Scholar Program. It will occur in Istanbul, Turkey, from November 13 to 19, 2023.
Based on this announcement, individual developers from communities will little or no representation in the ecosystem are eligible to participate. Also, the program comes with financial support for participants covering transportation, accommodation, and visa application.
However, an individual must satisfy some criteria to qualify and participate in the program. They include Web3 development, UX, privacy, crypto-economics, governance, and knowledge in protocol management.
This program shows Ethereum’s continuous efforts to encourage a community-based approach. Also, the programs create awareness in different regions worldwide, potentially boosting Ethereum’s adoption rate and price.
Ethereum Alternative
While Ethereum exhibits price volatility, diversity remains the watchword for crypto investors since it reduces the chances of a total liquidation of a trading portfolio.
An exciting new platform for freelancers to network and find quality work could be a reliable alternative and is currently on presale.
DeeLance ($DLANCE)
The New Job Marketplace
Deelance is the new face of quality recruitment in the Web3 space. More individuals prefer remote work in the post-pandemic era due to convenience and flexibility.
This Web-3-enabled platform serves as a job board connecting freelancers and recruiters securely to achieve effective results.
The developers hope the project becomes the number one job board worldwide based on its modern features.
It is a fully decentralized platform where users can easily network and line up for quality gigs despite the growing number of freelancers.
Its Blockchain integration provides its users with transparency and security, vital features of a quality platform. Dee Lance’s Metaverse gives users a unique and immersive experience on the platform.
The project hopes to address the problem associated with recruitment sites filled with unqualified job seekers, scammers, and unsecured payment methods.
DeeLance Metaverse
The project boasts a unique Metaverse, where users showcase their skills and work in exhibitions while participating in virtual networking events.
Users can purchase office space in the Metaverse, buy lands, and lease office spaces for a more effective work environment.
NFT Marketplace
Also, DeeLance grants its users access to an NFT marketplace to buy and trade NFTs securely. Work milestones are saved on the network and are collected as NFTs by users.
Also, users collect royalties on their NFTs, an additional income stream for DeeLance users.
DeeLance Vs. Regular Job Boards
Most of the popular job boards are currently overcrowded with several unverified accounts that belong to scammers and bots.
However, DeeLance verifies its platform users, thereby eliminating these fraudulent accounts. Also, its Escrow protection feature ensures that freelancers receive payment without delays after completing tasks.
Also, this platform has no withdrawal limit, and all transactions are fast and secure.
$DLANCE The Freelancers Token
$DLANCE is the utility token that enables transactions and activities within the ecosystem. Investors purchase NFTs from the marketplace and lease land Metaverse plots with $DLANCE.
Notably, its presales are ongoing; each token is worth $0.043, and a price increase to $0.048 is coming up in the next stage. The presales are successful, raising over $1.4 million.
The $DLANCE tokens can be acquired with ETH, USDT (BEP-20 or ERC-20), BNB, or direct card deposit. Due to its massive utility and exciting roadmap, this presale will reward early investors when it lists on exchanges.
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