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Ethereum (ETH): can we expect a further rise in the price?

Price targets for Ethereum. Source: commercial view

ETH, the native cryptocurrency of the Ethereum blockchain, is currently trading around $1,271, up around 7% in the past seven days.

The cryptocurrency gained 6.5% on its own on Wednesday, as traditional risk assets like US stocks rallied on a more dovish than expected message from the chairman of the board. Federal Reserve American, Jerome Powell, on the prospect of further rate hikes in the coming months.

Ethereum was trading a little lower on Thursday, but has gained nearly 18% since printing a double bottom earlier this month below $1,100. The release of new price data (Core PCE Price Index) would seem to support the possibility that inflation in the United States is slowing faster than expected, which could allow the central bank to abandon its policy of monetary reduction. As a result, the US Dollar saw a strong sell-off and US stocks could easily find new buyers, which could create the conditions for ETH to rise further.

Rebound for ETH/USD from November double bottom. Source: Trading View

Price predictions for Ethereum

ETH bulls provided a test of the 50-day moving average at $1,335, the 100-day moving average at $1,400, and the 200-day moving average at $1,470. But even if Ethereum manages to break above all of these levels in the mid-to-mid weeks amid a crypto market rally fueled by this newfound optimism, that doesn’t mean the cryptocurrency is out of the woods.

Ethereum is still in a long-term downtrend. Source: Trading View

Ethereum has been in a downtrend that has limited positive price action since late summer 2022. It will need to hold well above $1,500 to break this trend. Cryptocurrency continues to suffer the impacts of the brutal collapse of FTX early last month which is still weighing on overall market sentiment, so a rise of more than 25% from current levels may be premature.

However, if Ethereum is able to break out of its current trajectory, then its price could be set to test the September highs in the $1,800 area, as well as the August highs reached during post-optimism peaks. the Fusion, in the area of ​​$2,000. This would mark a massive 60% increase from current levels.

Closure of the Ropsten testnet

Ethereum developers are going to shut down one of the network’s most prominent public testnets, Ropsten. According to one of the leading Ethereum developers, Tim Beiko“several infrastructure (fabric) providers and validators have already ceased to support the network, and we expect the others to shut down their nodes in the coming weeks.”

The shutdown of the testnet was widely expected and will be followed in mid-2023 by the shutdown of the Rinkeby testnet. Developers who rely on these testnets have migrated their projects to the Goerli and Sepolia testnets, which will continue to be used for years to come. Since the merger, Ropsten and Rinkeby are no longer represented as specific environments for testing and application development.

Trade Dash 2 (D2T)

Those looking to invest in a promising crypto trading platform should keep a close eye on Dash 2 Trade. The burgeoning social analytics and trading platform stands out in the crypto trading space with its host of unique features. These include trading signals, social and on-chain sentiment indicators, pre-sale token rating system, token quote alert system and strategy back-testing tool.

The Dash 2 Trade ecosystem will be powered by the D2T token, which users will need to purchase and hold to access platform functionality.

Dash 2 Trade is currently running a pre-sale at deeply discounted rates. D2T token sales recently exceeded $7.65 million and the pre-sale will soon enter its fourth phase, which will see the price of the token drop from $0.0513 to $0.0533.

RobotEra (TARO)

RobotEra (TARO) is a Sandbox-style metaverse that will allow players to participate in the creation of a virtual world of robots, including land, buildings, and other NFT-based game elements. An alpha version will be introduced in the first quarter of next year and the game will allow players to connect with other metaverses, creating a multiverse where NFTs from different platforms can interact.

1 TARO is currently selling for 0.020 USDT (it can be bought in USDT or ETH), although this price drops to 0.025 USD in the second stage of its pre-sale.

Calvary (RIA)

Calvaria (RIA) is a game where players can collect, trade, and battle with NFT-based cards. Besides incorporating play-to-earn features, it will also allow users to play it without holding cryptocurrency, which could make it more popular than other blockchain-based titles.

RIA will be used within its ecosystem for purchasing in-game items and for staking, giving it a strong use case. The token’s pre-sale raised $2.1 million and is currently in its fifth round, with 1 USDT buying 30.77 RIA.

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