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.

Ethereum
Price
Chart

Source:
Tradingview

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.

In
addition
to
Ethereum,
Meta
Masters
Guild’s
presale
has
huge
upside
potential.   

Meta
Masters
Guild
(MEMAG)

In
just
a
few
days,
the

Meta
Masters
Guild
has
gone
from
$200,000
to
a
whopping
$550,000.
This
significant
growth
implies
that
the
public
has
a
high
level
of
trust
in
the
company’s
potential
to
prosper
and
produce
profits
in
the
future.

Meta
Masters
Guild
will
release
its
first
mobile
game
in
the
third
quarter
of
2023.
The
MEMAG
network
has
been
operational
for
some
time
and
allows
users
to
produce
and
manage
their
own
coins
as
well
as
trade
on
the
open
market.
They
are
also
working
on
games
in
which
participants
can
earn
rewards,
as
well
as
games
powered
by
Web3,
an
Ethereum-compatible
technology.

Investing
in
MEMAG
currently
begins
with
the
purchase
of
$10
in
MEMAG
tokens.
You
will
receive
one
token
for
one
cent
if
you
engage
in
the
presale;
early
investors
will
have
a
limited
window
of
chance
to
participate.

Visit
Meta
Masters
Guild
Now