Could holding Ethereum above $1,600 open the way to $2,000 in the coming week?

On January 22, the second leading cryptocurrency, Ethereum, opened the day at $1,626.68. It touched a high of $1635.64 and a low of $1609.35. ETH/USD is trading at $1,625.85, down 0.84% ​​in 24 hours. Moreover, the price has increased by almost 5% within 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 successfully completed the transaction.

Recently, there has been a significant increase in the number of active addresses on Ethereum. It shows that Ethereum users are running programs on the network rather than just storing them in their wallets.

As Ethereum network activity and usage reach new all-time highs, ETH/USD stands to gain.

Shanghai’s modernization worries developers

The Shanghai Upgrade, Ethereum’s next planned blockchain upgrade, will take place in March 2023. The update will make it easier to phase out ETH that is more than two years old from the beacon.

All indications are that Shanghai will be ready to launch in March. However, a vocal minority of Ethereum’s core developers have recently begun to express concern over the hasty implementation of the update.

They said it was introduced too quickly to avoid public backlash and at the expense of technology investments that could damage the network in the long term.

The network’s core developer, Mika Zoltu, and some of the network’s roughly 30 other core developers are concerned that Shanghai’s recent decision to abandon the technical change could expose Ethereum to too much technological debt, with unknown long-term consequences.

On January 19th, Zoltu expressed concern about a call from all the core developers, saying that they don’t seem to care about Ethereum’s long-term viability. The news is not favorable for the ETH/USD price.

Deploying Ethereum Smart Contracts

On January 17, 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 will increase by 300% in 2022.

Additionally, smart contract adoption growth nearly mirrored the growth rate seen in 2021, despite a weak 2022 market. According to the analysis, there were 4.6 million active smart contracts on the Ethereum blockchain at the end of the fourth quarter of 2022.

Furthermore, the number of smart contracts installed on Ethereum’s Goerli testnet grew by 187% in the last three months of 2022 and by 721% year-over-year to an all-time high of 2.7 million.

It indicates that additional decentralized applications (dapps) may soon hit the market. Therefore, the growth of smart contracts is driving the price of ETH/USD.

Ethereum price forecast

In the last 24 hours, the price of Ethereum was 1625 dollars with a trading volume of 8 billion dollars. The ETH/USD pair encountered significant resistance near $1,680 and refused to find support at $1,610.

On the 4-hour chart, the ETH/USD pair has established an uptrend, indicating the possibility of a continuation of ETH’s uptrend.

Ethereum Price Chart – Source: Tradingview

On the positive side, rising demand could cut Ethereum’s resistance at $1,680 and push the price to $1,750. On the downside, a negative breakout of $1,600 could extend the selling trend to $1,560.

Aside from Ethereum, the Meta Masters Guild presale has a lot of potential.

Meta Masters Guild (MEMAG)

In just a few days, the Meta Masters Guild went from $200,000 to a whopping $550,000. This significant growth suggests that the public has a high level of confidence 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 around for some time and allows users to generate and manage their own coins as well as trade on the open market. They are also working on games where participants can earn rewards, as well as games powered by Web3, a technology compatible with Ethereum.

Investing in MEMAG currently starts with the purchase of $10 MEMAG tokens. You will get one token for one cent if you pre-sell. early investors will have a limited opportunity to participate.

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