The Ethereum (ETH) price has seen a 2% gain in the past 24 hours, reaching a price of $1,855, which also represents a 2% rise in the past week. This movement follows the enabling of ETH staking withdrawals on the Lido platform. Interestingly, while Lido has experienced a net outflow of ETH since the withdrawal opening, most of the outflows originated from one party: the bankrupt cryptocurrency lender Celsius. This indicates that, in general, stakeholders are depositing ETH for staking instead of withdrawing it.
With the rising staking trend putting a squeeze on ETH’s supply, Ethereum’s indicators are in a promising position. The cryptocurrency’s relative strength indicator (RSI) rose above 70 in recent hours, suggesting growing buying momentum. In addition, ETH’s 30-day moving average has surpassed the 200-day average, indicating a possible multi-day breakout. For a significant rally, Ethereum needs to break the $1,870 resistance level, which it has yet to achieve.
Lido boasts over 6.6 million staked ETH on its platform, and despite the recent net outflows, it appears that the withdrawal feature has not caused a massive sell-off. On the contrary, the feature is expected to encourage further staking in the long term, as the total staked Ethereum has been growing since the Shanghai update in April. This increase, combined with ETH’s recent adoption news from companies such as Societe Generale and Visa, as well as Coinbase’s layer-two network, puts the cryptocurrency in an ideal position for future growth.
Currently sitting around the $1,800 mark, Ethereum may reach the $2,000 level within a matter of weeks and could potentially cap off the year at about the $3,000 price point. However, Ethereum is not the only altcoin with high potential in the market today. The EcoTerra project, for instance, has seen more than $4.1 million raised in its presale for its ECOTERRA token. EcoTerra offers users a recycle-to-earn platform, rewarding them with ECOTERRA tokens and NFTs for recycling household waste at designated points.
Another exciting project is AiDoge, an AI-powered meme-generating platform which has raised over $11.5 million in the sale of its $AI token since April’s launch. AiDoge uses advanced AI algorithms to create memes, rewarding users in $AI for receiving upvotes on their memes. Users can also stake and use $AI tokens to pay for meme creation, adding utility to the currency.
Both EcoTerra and AiDoge show high potential for future success, and together with Ethereum, they might play a significant role in shaping cryptocurrency markets.
Source: Cryptonews
