Ethereum Price Can Hit $3,000 This Month, and Ecoterra Can Raise $3 Million – Time to Buy?
The Ethereum price has dropped by a slight 0.4% today, although at $2,092 the leading altcoin remains up by 12.5% in the past week, following the successful rollout of the long-awaited Shanghai upgrade.
ETH is also up by 16.5% in the last 30 days and by 75% since the start of 2023, making it one of the best-performing cryptocurrencies in the top 100 (by market cap).
And with Shanghai adding to September's Merge and 2021's EIP 1559 update, Ethereum has arguably become one of the most fundamentally strong cryptocurrency's in the market, with a tendency to deflate in supply during periods of peak activity.
However, as bullish as ETH looks right now, it isn't the only promising altcoin in the market right now, with decentralized recycle-to-earn platform Ecoterra on course to raise $3 million in its increasingly popular presale.
Shanghai's deployment was a massive boost for ETH, which is still riding plenty of ongoing momentum, even with today's little dip.
As of writing, ETH's 30-day moving average (yellow) continues to rise substantially above its 200-day average (blue), suggesting that further increases may come in the next few days.
On the other hand, the coin's relative strength index (purple) has begun to sag a little bit, dropping from an overbought 75 to 70 in the past few hours.
This could indicate an incoming correction, with $2,000 obviously being the key support level to watch out for here.
However, it seems that ETH has consolidated above this support, so any correction is likely to be minor and temporary.
Indeed, the short- and long-term prospects as far as ETH is concerned are very good, with the coin likely to witness a sustained (if not 100% continuous) increases over the coming months.
As noted above, this is because
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