Can Ethereum’s price hold above $1,600 pave the way for $2,000 in the coming week?

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On January 22, the second major cryptocurrency, Ethereum, opened the day at $1,626.68. It reached the maximum value of $1,635.64 and the lowest value of $1,609.35. ETH/USD is trading at $1,625.85, down 0.84% ​​in 24 hours. Moreover, the price has increased by almost 5% in one week.

Active Ethereum addresses increased

The number of Ethereum addresses with a balance greater than zero is steadily increasing. According to data from Glassnode, Ethereum hit a new all-time high of 92.5 million addresses this week.

The number of unique addresses transferred as recipient or sender is represented by active addresses. It only includes those who have successfully completed a transaction.

Recently, there has been a significant increase in the number of active addresses on Ethereum. This indicates that Ethereum users are running programs on the network rather than just keeping them in their wallet.

As Ethereum network activity and usage reach new all-time highs, ETH/USD could benefit.

Shanghai upgrade worries developers

The Shanghai Upgrade, the next scheduled update to the Ethereum blockchain, will take place in March 2023. The upgrade will facilitate the phase-out of obsolete ETH more than two years old from the tag.

Everything indicates that Shanghai will be ready to launch in March. However, a vocal minority of core Ethereum developers have recently begun to worry about the rushed implementation of the upgrade.

They said it was being implemented too quickly to avoid a public backlash and at the expense of technology investments that could harm the network in the long run.

Micah Zoltu, a corenet developer, and some of the roughly 30 other corenet developers fear that a recent decision to forgo a technical change in Shanghai could expose Ethereum to excessive technology debt with long-lasting consequences. unknown terms.

On January 19, Zoltu expressed concern about the call from all-hearted developers, saying it seemed like they weren’t thinking about the long-term viability of Ethereum. The news is not favorable for the price of ETH/USD.

Deploying Ethereum smart contracts

On January 17, blockchain software developer Alchemy released its Q4 2022 Web3 Developer Report. The report states that the number of smart contracts executed on the Ethereum mainnet increased by 300% in 2022.

Moreover, the increase in the implementation of smart contracts almost mirrored the growth rate seen in 2021, despite the weak market of 2022. At the end of the fourth quarter of 2022, there were 4.6 million contracts smart devices active on the Ethereum blockchain, according to the analysis.

Additionally, the number of smart contracts deployed on Ethereum’s Goerli testnet increased by 187% in the last three months of 2022 and as much as 721% year-over-year to reach an all-time high of 2 .7 million.

This indicates that additional decentralized applications (dapps) may soon hit the market. Therefore, the rise in smart contracts pushes up the price of ETH/USD.

Ethereum Price Prediction

In the past 24 hours, the price of Ethereum was $1,625, with a trading volume of $8 billion. ETH/USD encountered significant resistance near $1680 and refused to find support at $1610.

On the 4-hour time frame, the ETH/USD pair has established a bullish channel, indicating the possibility that ETH’s uptrend will continue.

Ethereum price chart – Source: Tradingview

On the positive side, rising demand could break Ethereum’s resistance at $1,680 and push the price up to $1,750. On the downside, a negative breakdown of $1,600 could extend the selling trend to $1,560.

In addition to Ethereum, the Meta Masters Guild presale has huge upside potential.

Meta Masters Guild (MEMAG)

Within days, the Meta Masters Guild went from $200,000 to $550,000. This significant growth implies that the public has a high level of confidence in the company’s potential to thrive and generate profits in the future.

Meta Masters Guild will release its first mobile game in the third quarter of 2023. The MEMAG network has been operational for some time and allows users to produce and manage their own coins as well as trade on the open market. They are also working on games in which participants can earn rewards, as well as games powered by Web3, an Ethereum-enabled technology.

Investing in MEMAG currently begins with the purchase of $10 in MEMAG tokens. You will receive a token for a penny if you engage in the presale; early investors will have a limited window of opportunity to participate.

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