Ethereum (ETH) price forecast is bullish, but $1,260 is a strong resistance level that will limit the uptrend.
ETH/USD opened the day at $1,214.96 on January 4. It has a high of $1,256.95 and a low of $1,212.89. ETH eTH/USD is currently trading at $1,251.37 and is up 2.94% in the last 24 hours. Also, the price has risen more than 3% in the last week.
The creator of the Ethereum smart contract platform (ETH), Vitalik Buterin, discusses his top investment ideas for 2023. In a roadmap diagram posted on Twitter, he expresses confidence that Ethereum will reach the "basic roll-up scaling" milestone on December 3. That milestone, Buterin said, requires the adoption of Ethereum Improvement Proposal (EIP) 4844.
Reaching the "basic rollup scaling" milestone in my roadmap diagram.— vitalik.eth (@VitalikButerin) December 31, 2022
* EIP-4844 rolled out
* Rollups partially taking off training wheels, at least to "stage 1" as described here https://t.co/qNQonDQkzG pic.twitter.com/7HePctWw1l
EIP-4844 adds a new transaction type to Ethereum that allows data " blobs" to be temporarily stored in the beacon node. These changes are fully compatible with Ethereum's scaling strategy, and the size of the blobs is manageable to reduce disk usage.
In addition, EIP 4844 is part of Ethereum's surge development on Twitter, which aims to increase the transaction processing speed of the leading smart contract platform to 100,000 transactions per second or more.
Buterin defines the "basic roll-up scaling milestone" as "partially removing training wheels" for roll-ups. He claims that removing the training wheels means operating a legal or fraud-proof system.
The change could be beneficial to the Ethereum network. As a result, the value of ETH/USD could increase.
Over the past two weeks, Ethereum volatility has decreased, as has the volatility of the rest of the market. Ethereum's network activity is low despite its increased stability.
The number of daily Ethereum transactions dropped to 742,000 on January 1, according to Etherscan.io, the Ethereum blockchain's block explorer. The last time it was seen on the mainnet was April 2020.
The daily average for mainnet transactions is at 948,000 at the time of writing. Despite a slight improvement in recent days, the statistic is still near its lows. Transaction metrics need to improve for the price of ETH /USD to recover in the coming days.
Support Resistance 1207.67 - 1220.58 1200.79 - 1226.61 1194.76 - 1233.49
Pivot point: 1213.70
Ethereum is currently trading for $1,247, with a 24-hour trading volume of $4.8 billion. With a 2.5% increase, Ethereum has found immediate support at the $1,235 level.
Uptrend resistance for ETH remains above $1,260, and a positive breakout could take the price to $1,280 or $1,300.
Support is still at $1,235, but a break below that level could allow further selling to $1,205. The RSI, MACD and 50-day simple moving average are all bullish. So look for buying opportunities today, especially above the $1,235 level.
Although support is currently at $1,235, a drop below that level could allow for further selling down to $1,205. Bullish indicators include the RSI, MACD, and the 50-day simple moving average. Therefore, look for buying opportunities today, especially above $1,235.
Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their research before investing in funds.