Can Ethereum Price Holding Above $1,600 Open Road to $2,000 in Week Ahead?
On January 22, the second leading cryptocurrency, Ethereum, opened the day at $1,626.68. It has 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 by 0.84% in 24 hours. Moreover, the price has increased by almost 5% in a week.
Raised Active Ethereum Addresses
The number of Ethereum addresses with a balance greater than zero is steadily increasing. According to Glassnode data, Ethereum reached a new all-time high of 92.5 million addresses this week.
The number of unique addresses transferred as a recipient or sender is represented by active addresses. It only includes those who completed a transaction successfully.
Recently, there has been a significant increase in the number of active addresses on Ethereum. It indicates that Ethereum users are running programs on the network rather than simply holding them in their wallets.
As Ethereum network activity and usage reach new all-time highs, ETH/USD may benefit.
Shanghai Upgrade Worries Developers
The Shanghai Upgrade, the next scheduled Ethereum blockchain update, will take place in March 2023. The upgrade will make it easier to gradually remove the more than two-year-old stale ETH from the beacon
All indications are that Shanghai will be ready to launch in March. However, a vocal minority of Ethereum’s core developers has recently begun raising concerns about the rushed implementation of the upgrade.
They said that it was being put into place too quickly to avoid a backlash from the public and at the expense of technology investments that could hurt the network in the long run.
Micah Zoltu, a network core developer, and a few of the network’s other 30 or so core developers are concerned that a recent decision to forego a technical change to Shanghai may expose Ethereum to excessive technological debt with unknown long-term consequences.
On January 19, Zoltu expressed concern about the all-core developers’ call, saying it appeared they weren’t thinking about Ethereum’s long-term viability. The news is not favorable for the price of ETH/USD.
Ethereum Smart Contracts Deployment
On January 17, the blockchain software development company Alchemy released its Q4 2022 Web3 development report. The report states that the number of smart contracts executed on the Ethereum mainnet climbed by 300% in 2022.
Additionally, the rise in smart contract implementation nearly mirrored the rate of growth seen in 2021, despite the weak market of 2022. By the end of Q4 2022, there were 4.6 million active smart contracts on the Ethereum blockchain, according to the analysis.
Moreover, the number of smart contracts deployed on Ethereum’s Goerli testnet increased by 187% over the last three months of 2022 and by as much as 721% year over year to reach an all-time high of 2.7 million.
It indicates that additional decentralized applications (dapps) may soon hit the market. Therefore, the rise in smart contracts is driving the price of ETH/USD.
Ethereum Price Prediction
In the last 24 hours, the price of Ethereum was $1,625, with an $8 billion trading volume. The ETH/USD pair encountered significant resistance near $1,680 and declined to find support at $1,610.
On the 4-hour timescale, the ETH/USD pair has established an upward channel, indicating the possibility of ETH’s bullish trend continuing.
On the plus side, rising demand might cut through Ethereum’s resistance at $1,680 and push the price up to $1,750. On the downside, a negative breakdown of $1,600 might extend the selling trend to $1,560.
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