The Ethereum price remains steady at the $1,800 support level despite slipping by 0.3% in the past 24 hours. It has proven to be one of the best-performing major cryptocurrencies, up by 53% since the start of the year. The introduction of staking withdrawals and general development have contributed to its recent success. Ethereum’s relative strength index (RSI) and moving averages suggest it could be preparing for another rise soon.
However, the altcoin market has experienced turbulence due to recent legal actions from the SEC. Coins such as ADA, SOL, and ATOM face potential delisting from US-facing exchanges after being cited as securities. Ethereum, on the other hand, is likely to remain open for trading in the foreseeable future.
Despite the SEC regarding Coinbase’s Ethereum staking service as an unregistered security offering, Ethereum has seen a successful introduction of staking withdrawals in April. Data from Dune Analytics show that over 22 million ETH is now locked up via staking, up from around 18 million ETH at the time withdrawals were enabled. This signifies a strong demand for Ethereum staking and suggests a rising price in the coming months.
While Ethereum’s fundamentals remain strong, ongoing regulatory scrutiny and economic uncertainty may hinder significant rallies. Traders seeking diversification might consider alternative altcoins such as ecoterra, an Ethereum-based recycle-to-earn platform that sold over $4.9 million of its native ECOTERRA token.
The ecoterra platform, set to launch in the second half of 2023, rewards users for recycling household waste and generating green energy. The platform will also include a marketplace for NFT-based carbon offsets. New investors can participate in the ECOTERRA presale on the official ecoterra website and connect their software wallets. Current ECOTERRA token price stands at $0.00925, with an increase to $0.01 expected in about 20 days.
Ethereum’s performance continues to attract attention, as it holds steady at the $1,800 support level. While Ethereum may face obstacles in the form of regulatory challenges and market uncertainty, its demand for staking and developmental progress suggest an optimistic outlook in the long run. With the possibility of a rising price in the next few months, Ethereum may reach $2,000 and potentially end the year between $2,500 and $3,000, barring any unexpected regulatory hurdles.
Source: Cryptonews
