Ethereum Price Prediction as Lido ETH Staking Withdrawals Approved

Ethereum Price Prediction: Over the past 24 hours, Ethereum (ETH) has experienced a 2% price increase, reaching $1,855. This upward trend has continued over the week, with a 2% rise in ETH’s value. These movements coincide with the introduction of staking withdrawals on the Lido platform. While there has been a net outflow of ETH due to withdrawals, the majority of these outflows can be attributed to Celsius, a bankrupt cryptocurrency lender. The availability of staking withdrawals is expected to contribute to the steady growth of Ethereum’s price, potentially creating a supply squeeze and further supporting its position as a leading layer-one platform in the market.

Source: TradingView

Ethereum Price Prediction

ETH’s indicators demonstrate a positive outlook, with its relative strength indicator surpassing 70, indicating increased buying momentum. Additionally, the 30-day moving average of ETH has risen above its 200-day average, signifying a breakout that may continue for several days. Key to sustaining this rally will be ETH’s ability to overcome the resistance level at $1,870, which it failed to breach earlier. With a trading volume exceeding $7 billion, ETH appears to possess the necessary momentum to reach new price levels in the near future.

Lido’s Impact on Ethereum

Lido, the largest staking platform in the cryptocurrency ecosystem, recently enabled withdrawals, allowing participants to retrieve their staked ETH. While there have been net outflows since the introduction of withdrawals, it is important to note that these outflows have primarily come from Celsius, a financially distressed company. This suggests that the availability of staking withdrawals has not triggered a significant sell-off. On the contrary, it is likely to encourage more users to engage in ETH staking in the long run. Data from Dune reveals an overall increase in the total amount of staked Ethereum since the Shanghai update in April. This positive development, combined with Ethereum’s recent adoption by major entities such as Societe Generale, Visa, and Coinbase’s layer-two network, positions the cryptocurrency favorably to capitalize on the next bull market.

Ethereum’s Potential Price Prediction

Considering its current value of around $1,800, Ethereum has the potential to surpass $2,000 in the coming weeks. Furthermore, it could close the year at approximately $3,000. The combination of deflationary periods due to transaction fee burning, increased staking activity, and recent adoption news contributes to the optimistic outlook for Ethereum’s price trajectory.

Alternative of Ethereum

While Ethereum exhibits strong potential, other altcoins have also garnered attention in the market, offering the possibility of significant gains in the upcoming weeks. One such example is ecoterra, an Ethereum-based recycle-to-earn platform that has already raised over $4.1 million in its ECOTERRA token presale. Scheduled for launch in the coming months, ecoterra rewards users with ECOTERRA tokens and NFTs for recycling household waste at designated points. Another promising project is AiDoge, an AI-powered meme-generating platform that has raised over $11.5 million during its $AI token sale. With its planned Q3 launch, AiDoge employs advanced AI algorithms to generate memes based on user descriptions, allowing users to earn rewards in $AI tokens. Both ecoterra and AiDoge have the potential to become highly successful projects, attracting significant attention in the presale market of 2023.

Leave a Comment