Ethereum (ETH) has gone up by 4.8% in the past 24 hours and trading volumes have surged by 39% as the top altcoin gets close to the landmark $3,000 level.
The performance of ETH has improved dramatically in the past month as the token trimmed its yearly losses from nearly 50% to just 22% and has delivered gains of 55.5% in the past month alone.
The network’s Pectra upgrade, apart from an overall improvement in sentiment, has been responsible for this quick recovery and has improved the market’s baseline Ethereum price forecast.
Investors expect that the changes introduced by Pectra can make Ethereum more scalable, cheaper to use, and faster.
Along with multiple other changes, Pectra implements automatic ETH burns by using a portion of the network’s gas fees. The result is that ETH may now be a deflationary coin, meaning that its circulating supply will shrink over time.
Ethereum Price Prediction: Key Supports and Resistances to Watch
The daily chart shows that ETH’s price experienced a significant boost right after Pectra was successfully implemented on the Ethereum mainnet.
The move distanced the token significantly from its 21-day exponential moving average (EMA) and was followed by two large green candles that consolidated the rally and pushed ETH above its 200-day EMA.
The 200-day EMA is an indicator of the direction of an asset’s long-term trend, when the price rises above it, it confirms a bullish long-term outlook.
ETH needs to clear the $3,000 to keep rising. The price has found support at the 200-day EMA in the past few sessions and seems to have entered consolidation mode as market participants gather the necessary liquidity to push it higher.
The 21-day EMA is the key support to watch for ETH in case of a pullback along with the $2,100. If the token can stay above those thresholds, even though it may not rise to $10,000 shortly, its upside potential is quite high.
As the crypto market recovers, the best crypto presales like Best Wallet (BEST) will attract significant interest from investors as they will likely outperform well-established tokens like ETH in the near term.
Best Wallet (BEST) Raises $12M to Launch its Innovative Web 3 Storage Solution
Best Wallet (BEST) is a Web 3 crypto wallet that introduces powerful new features that will allow investors to buy and swap tokens with low fees and identify nascent opportunities in the crypto market.
The project has created a tool called ‘Upcoming Tokens’ that scans the market to spot the most promising crypto presales like MIND of Pepe (MIND) and BTC Bull Token (BTCBULL).
In the past, this feature has identified big winners like Pepe Unchained (PEPU), whose ICO delivered gains of more than 700% to those who bought the token at its discounted presale price.
Best Wallet also plans to launch a decentralized exchange and a debit card down the road to strengthen its ecosystem. As the adoption of its Web 3 storage solution grows, the demand for $BEST will rise as the utility token used to settle all transactions.
To buy $BEST, simply head to the Best Wallet website and connect your wallet. If you don’t have a crypto wallet, you can download the Best Wallet app and set up one as well.
You can either swap USDT or ETH for this token or use a bank card to invest.
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