Ethereum Could be Heading for $3,000 this Month, While Ecoterra is on its Way to $3 Million
Ethereum has been one of the best-performing crypto tokens of 2023 so far and shows no signs of slowing down - with analysis showing ETH could reach $3,000 by the end of April.
The bullish prediction follows its hugely successful Shanghai upgrade last week, which allows those who staked ETH to unstake and access it for the first time.
While many predicted the upgrade would see huge withdrawals and ETH flooding the market, driving its price down, that has not happened - in fact, significantly more validators are now staking ETH.
Ethereum has long been a favorite for crypto investors and it is expected to keep its top two position when the next crypto bull run starts.
However, even a significant move to $3,000 would only represent a 43% increase for ETH. Another eco-friendly ERC-20 project, ecoterra, is set to gain another 82% during its presale phases - representing a significant advantage for investors who move early.
ETH Price Recap
After reaching an all-time price of $4,878 in November 2021, Ethereum - like the rest of the market - struggled through an extended bear market during 2022 and is only now showing signs of recovery.
The price briefly dipped below $1,000 in June 2022 but has been one of the top-performing coins in 2023.
Although very slightly down at the time of writing ($2,087) after peaking at $2,135 over the weekend, ETH is up 12.5% in a week and a massive 75% since the New Year - outperforming rivals Polygon (up 55%) and Polkadot (55%) and meme coins Dogecoin (34%) and Shiba Inu (43%).
Ethereum also remains far and away the most popular blockchain for decentralized app (dApp) builders with almost 200 more protocols (748) than its nearest rival - the Binance Smart Chain has 582 - and six times more Total Value Locked (the value of projects built on it) than second-planed Tron, according to DefiLlama.
Ethereum has a TVL of $32 billion compared to just $5.5 billion for Tron.
The Shangai hard fork followed The Merge in 2022 and EIP 1559 in 2021 as major upgrades that have kept Ethereum as the leading blockchain for developers.
Ethereum to $3k This Month?
The opposite has been true and that has proven to be extremely bullish for ETH’s price action and could lead to a much large rise before the end of the month.
The success of the Shanghai upgrade has proven to investors, stakers and validators that staking now works exactly as it should - which will encourage more staking - and developers have also played daily limits on staking, meaning the 16.3 million staked ETH cannot be withdrawn at once and the price won’t collapse overnight.
Since Shanghai went live, around 1 million ETH (approx. $2 billion) has been withdrawn - way below the gloomiest predictions - and a further 380,000 ETH ($720 million) has been deposited.
To put that into context, the arrival of Shanghai has led to a huge number of new stakers, with data from blockchain analytics firm Dune revealing a pre-upgrade total of 512,000 increasing to 580,000.
Last week, analysts from investment bank JPMorgan said the Ethereum staking ratio should increase over time to around 60%, which would take millions of ETH out of supply and cause a dramatic increase in price.
Additionally, given the bullish price of market leader Bitcoin (BTC) - which is up 80% in 2023 and posted its highest price since May 2022 when it broke $30,000 last week - and a banking crisis the rest of the crypto market is expected to follow.
Chart Analysis
Ethereum has a huge amount of momentum and its 30-day moving average (yellow on chart below) continues to show a substantial rise above its 200-day average (blue), which suggests that more increases could follow in the coming days.
However, the coin’s relative strength index (purple) has dropped from an overbought 75 down to 70 - with $2,000 the key level of support. ETH has appeared to have consolidated above this level, though, and any correction is expected to be minor and temporary.
The short and long-term prospects, as outlined above, are extremely promising and the coin is expected to see sustained gains in the coming weeks and months.
Ethereum Alternative Ecoterra is on its Way to Raising $3m
While Ethereum certainly has bullish momentum in the coming weeks and months, a rise to $3,000 would only mark a 42% increase for those who invest today.
Ecoterra, on the other hand, is a brand new crypto project that has only just launched but has already raised more than $1.4 million in just two weeks of its presale starting - at that same rate of sale the presale will reach $3 million by the end of the month.
With the presale only in stage 3 of 9, ECOTERRA tokens will see an increase in the price of 82% by the time the project has its initial exchange offering (IEO) - with tokens rising from the current price of $0.0055 to $0.01.
That makes the presale have higher reward potential than ETH does, with the project also developing one of the most eco-friendly protocols on the market.
Ecoterra has produced a novel concept for Web3, Recycle2Earn, which sees users earn rewards simply for recycling household waste. To earn rewards, users simply take recyclable items - such as plastic, glass or cardboard - to a Reverse Vending Machine, which are available in tens of thousands of supermarkets globally.
The barcode most then be scanned in the ecoterra mobile app and deposited. Each item has a value attached to it and ECOTERRA tokens are then deposited to the user.
The project, therefore, allows users to earn rewards while helping to fight climate change. ECOTERRA tokens can then be sold on an exchange, held as a long-term investment or staked to generate a passive income stream.
The tokens have further utility because they can also be spent to further help the fight against global warming. That can be done by funding ventures such as beach clean-up or tree planting, or by purchasing verified Carbon Credits, which remove CO2 from the atmosphere.
Users also earn further rewards, such as NFTs, when they hit certain milestones and achievements, helping to gamify the project.
Within the ecoterra mobile app they have also developed a recyclers marketplace to connect recyclers with individuals and businesses.
The project has been developed by a doxxed and KYC-verifed team that have made 50% of the 2 billion supply available during the presale. There is no vesting period on presale tokens and a hard cap of $6.7 million.
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