The second cryptocurrency in the market, Ethereum, opened this week at $1,637. In the day yesterday, it reached the maximum value of $1,635.64 and the minimum value of $1,609.35. The ETH/USD pair is trading at $1,625.85, down 0.84% in 24 hours. Moreover, the price rose by almost 5% in one week.
Increase in the number of active Ethereum addresses
The number of Ethereum addresses with a balance greater than zero is constantly increasing. According to data from Glassnode, Ethereum hit a new all-time high of 92.5 million addresses this week.
The number of unique addresses as recipient or sender is represented by active addresses. It only includes those who have successfully completed a transaction.
Recently, a significant increase in the number of active addresses has been observed on Ethereum. These new highs in Ethereum network activity and usage could help drive the price of ETH/USD higher.
Developer Concerns Around Shanghai Upgrade
The Shanghai Upgrade, the next major scheduled blockchain upgrade, will take place in March 2023. The upgrade will facilitate the gradual withdrawal of ETH from staking on the Beacon Chain.
Everything suggests that Shanghai will be ready to launch in March. However, a minority of Ethereum developers have recently raised concerns about the rushed rollout of the upgrade.
They said it was being implemented too quickly to avoid a negative public reaction and at the expense of technological investments, the absence of which could prove harmful to the network in the long term.
Micah Zoltu, a lead developer of Ethereum, and about 30 developers fear that the recent decision to forgo a technical change on Shanghai could expose Ethereum to excessive technological difficulties with unknown long-term consequences.
On January 19, Zoltu expressed his concern during a developer meeting, saying that the long-term viability of Ethereum will have to. The news is not favorable for the price of ETH/USD.
Deployment of smart contracts on Ethereum
On January 17, blockchain software development firm Alchemy released its Q4 2022 Web3 Development Report. The report states that the number of smart contracts executed on the Ethereum mainnet soared 300% in 2022.
Additionally, the increase in smart contracts executed on Ethereum almost mirrored the growth rate seen in 2021, despite the market weakness of 2022. At the end of the fourth quarter of 2022, 4.6 million smart contracts were active on the Ethereum blockchain, according to the analysis.
In addition, the number of smart contracts deployed on Ethereum's Goerli testnet increased by 187% in the last three months of 2022 and by no less than 721% compared to the previous year, reaching an all-time high. absolute 2.7 million.
This indicates that other decentralized applications (dapps) may soon hit the market. Therefore, the increase in smart contracts drives up the price of ETH/USD.
Price predictions for Ethereum
In the past 24 hours, the Ethereum price was $1,625, with a trading volume of $8 billion. The ETH/USD pair encountered significant resistance near $1680 and declined to find support at $1610.
On the 4-hour time frame, the ETH/USD pair has established an ascending channel, indicating the possibility that ETH's uptrend will continue.
On the positive side, rising demand could cut through Ethereum's resistance at $1,680 and push the price towards $1,750. On the downside, a negative breakout of $1600 could extend the selling trend down to $1560.
Besides Ethereum, the pre-sale of Meta Masters Guild has huge upside potential.
Meta Masters Guild (MEMAG)
In just a few days, the Meta Masters Guild pre-sale went from $200,000 to a whopping $550,000. This significant growth implies that investors seem confident in the company's potential to prosper and generate 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 now and allows users to create and manage their own tokens as well as transact in the open market. Games in which participants can earn rewards, as well as games powered by Web3, a technology compatible with Ethereum, are currently in development.
Investing in MEMAG currently begins with the purchase of $10 worth of MEMAG tokens. You will receive a token for one cent if you participate in the pre-sale; early investors will have a reduced sales window to participate.