Ethereum Price Prediction - Will ETH Rally as Traders Back New Green Token Ecoterra?
The price of Ethereum (ETH) surged to $1,873 on Tuesday, up 4% over the previous 24 hours, and up 9.2% on the week.
Its weekly gains have outcompeted Bitcoin’s, helping the #2 crypto asset regain some lost ground against the leading cryptocurrency by market cap. ETH/BTC has risen from 0.064 on April 3rd to 0.066 today – a 3.6% pump. This brings ETH market dominance up to 18.2%, versus Bitcoin’s 44.2%.
Tuesday’s pronounced rally applied to all risk assets, as stock market indices like the Nasdaq 100 and S&P500 continue to trade higher over the past week. In particular, futures contracts tied to the tech-focused Nasdaq index rose 0.35% to an eight month high.
Ethereum’s own trajectory mimics this, having not reached the upper $1800 price level since mid-August, when hype for its upcoming Merge upgrade was abounding.
With the network on the brink of another major upgrade this month – the Shapella upgrade – Ethereum may be poised for another bullish breakout back above $2000.
Furthermore, the launch of eco-friendly tokens like ecoterra may continue to attract attention to Ethereum’s ecosystem from environmentally conscious investors – especially amid continuing fervor surrounding Ethereum’s proof of stake consensus mechanism.
Ethereum Remains Rangebound (TA)
Since mid-March, Ethereum’s price has remain rangebound between the lower $1700 and mid $1800 price levels.
Thus far, the asset has shown a strong proclivity to sharply reverse trajectory whenever touching the lower end of that range, such as on March 22 and March 27. While there appears to be strong support at that price level, Ethereum’s movement so far indicates no upside bias.
From a technical perspective, there are a range of likely possibilities for Ethereum’s next breakout. On one hand, if the market determines that it needs deeper support, it could retrace back to support found at the lower $1600 level.
Alternatively, the asset may have experienced a shallow retracement to its established $1700 lows on Monday, before breaking out beyond its resitance.
“As long as we’re holding $1717, I’m in favor of a breakout scenario,” said price analyst More Crypto Online on Tuesday. “It’s likely, but it’s not for sure.”
Shapella On the Way
Ethereum’s Shapella upgrade – the name for its joint “Shanghai” and “Copella” upgrades – is scheduled to roll out at block 6209536 on April 12th – less than a week from today.
The long awaited hardfork will allow Ethereum users to withdraw their staked assets from the network for the first time since the Beacon Chain rolled out in November 2020. Each upgrade will make changes to Ethereum’s execution layer and consensus layer, respectively.
The change is a follow up to the Ethereum’s “Merge,” which shifted the main network’s consensus mechanism from proof of work to proof of stake. This reduced the network’s energy consumption by 99.9%, a feat praised by environmentally conscious businesses and regulators as a step toward responsible innovation in crypto.
Prior to the Merge’s rollout, Ethereum appreciated significantly compared to rival cryptocurrencies, rising from $1000 in July to nearly $2000 in August. Ethereum could experience a smaller, albeit significant price runup similar to that as Shapella makes proof of stake on the network fully functional.
Its successful rollout could also make Ethereum a more attractive asset to investors who no longer need worry about being unable to withdraw their stake.
That said, Shapella could also mimic the Merge in terms of being a “buy the rumor, sell the news” event, meaning its price plummets directly after the upgrade actually takes place. Some have even theorized that the upgrade willspark a market dump, as it will unlock billions of dollars in ETH that can now be potentially sold and drive Ethereum’s price down.
Still, a fully functional proof of stake Ethereum retains a strong value proposition to environmentalists who were once put off by the network’s energy intensive mining industry. Furthermore, environmentalist projects built atop the Ethereum blockchain – such as ecoterra – only strengthen that value proposition.
New Token Ecoterra Backed for Big Gains as it Enters the Recycle2Earn Economy
Ecoterra is a new crypto project that many people are backing to be the next big green crypto, having raised over $50,000 shortly after launching its presale. This initiative leverages blockchain technology and tokenization to encourage recycling and efficient energy use.
Through the ecoterra app, companies can reward consumers in ecoterra tokens (ECOTERRA) for proving that they have engaged in a number of green initiatives, including puchasing PET plastic, glass, aluminum, and green energy packages.
Users will also be rewarded for scanning barcodes of recyclable products, and for recycling and uploading their RVM receipts to their accounts. They are also provided with a carbon-offset marketplace to help all parties reach their emissions targets, even if personal efforts are not enough.
Once earned, ECOTERRA may be donated to fund green initiatives around the globe, such as tree planting, cleaning projects, and climate change education. It can even be used to purchase eco friendly products for everyday use.
ECOTERRA features a max supply of 2,000,000,000 tokens, and trades as an ERC-20 token on Ethereum. The token’s presale process is still active, now being offered on its website for $0.004, purchasable via USD, USDT, or ETH.
While low right now, ECOTERRA’s price is being periodically increased as the presale continues, so new investors will need to enter early to get the best bargain.
The project is certified and audited by the blockchain security company Certik, including 90+% scores in code security and fundamental health.
Amid continued public scrutiny and regulatory pressure against proof of work blockchains like Bitcoin, Ethereum will continue to benefit from its standout position as a low-energy network – and so may the tokens on its platform.
