Lido ETH Staking Approval Boosts Ethereum Price Forecast

Lido ETH Staking Approval Boosts Ethereum Price Forecast

Learn about the recent rise in Ethereum’s price and how the arrival of staking withdrawals on Lido could contribute to its continued growth, as well as other promising altcoins to watch.

The Ethereum (ETH) price has gained by 2 percent in the past 24 hours, with its value of $1,855 likewise representing a 2 percent boost in the past week.

These movements come in the wake of Ethereum (ETH) staking withdrawals being enabled on Lido, which has seen a net outflow of Ethereum (ETH) since it opened withdrawals last week.

Nonetheless, the vast bulk of these outflows have come from one party, bankrupt digital currency lender Celsius Network LLC, meaning that everyone else has traditionally been depositing Ethereum (ETH) for staking (and not taking it out). 

This sets Ethereum (ETH) up nicely for a steady boost in its value, with growing staking likely to put a squeeze on ETH’s supply, not that the market’s bigger layer-one platform necessarily required another source of growth.

Ethereum (ETH) Price Prediction as Lido Ethereum (ETH) Staking Withdrawals Approved – What’s Next for ETH?

ETH’s indicators are in a very promising position, with its relative strength indicator peaking over 70 this morning, as more buying momentum comes in.

Lido ETH Staking Approval Boosts Ethereum Price Forecast
Source: TradingView

Just as bullishly, ETH’s 30-day moving average (yellow) has been  growing over its 200-day average (blue), indicating a breakout that may continue for plenty of days yet.

Key in any rally will be the coin’s capacity to break the $1,870 resistance level, which it failed to do earlier today.

Still, with its volume of trading moving clear of $7 billion, Ethereum (ETH) appears to have the impetus to reach new levels in the not- as well distant future.

Its ascent will be helped by the coming of staking withdrawals on Lido, which is the largest staking platform in the digital currency ecosystem.

Lido as of now holds around 6.6 Million in staked ETH on its platform, and while it has seen net outflows since opening withdrawals, these have mostly come from a bankrupt company — Celsius Network LLC — that desperately required the funds.

What this implies is the fact that, contrary to any doom-mongers, the  potential to withdraw staked Ethereum (ETH) hasn’t resulted in an avalanche of selling.

On the contrary, it will likely promote   more Ethereum (ETH) staking in the longer term, with data on Dune revealing that the total amount of staked Ethereum (ETH) has indeed increased overall since the Shanghai update in April.

This bodes well for the future, with Ethereum (ETH) likewise witnessing periods where it has been deflationary, given that it burns transaction charges and has seen high traffic recently.

Add this to Ethereum’s recent adoption news (e.g. Societe Generale, Visa, Coinbase’s layer-two network), and the digital currency is in a prime position to ride the following bull market to higher price levels.

From its current position of around $1,800, it  can potentially easily reach $2,000 in the coming weeks, before seeing out the year at around $3,000.

Alternative Altcoins

As strong as Ethereum (ETH), it isn’t the only high- potential crypto altcoin in the market at this time, with plenty of other newer crypto tokens likewise raising the likelihood of big profits in the coming weeks.

This includes ecoterra, an Ethereum-based recycle-to-earn platform that has raised greater than $4.1 Million in the presale for its ECOTERRA token.

Owing to launch in the following few months, Ecoterra’s platform offers users the chance to be rewarded (in ECOTERRA and NFTs) for recycling household waste at designated recycling points.

This exciting premise has helped its sale attract interested investors, with the crypto token offering as of now in its seventh stage, with 1 ECOTERRA costing $0.008500.

This will boost to $0.001 by the time the sale ends in the coming weeks, with ECOTERRA’s price likely to boost substantially greater once the crypto token lists on exchanges.

Another highly promising project is AiDoge, an AI-powered meme-generating platform that has already raised over $11.5 Million since beginning the sale of its $ Artificial Intelligence (AI) crypto token at the end of April.

Due for launch in Q3 of in the year, AiDoge exploits advanced Artificial Intelligence (AI) algorithms and big datasets to generate memes, with users needing simply to enter short descriptions of the memes they’d like created.

Users can likewise earn bonus in $ Artificial Intelligence (AI) for their memes if they receive enough upvotes from AiDoge’s community.

In addition of this, they can likewise use $ Artificial Intelligence (AI) for staking and for paying to create memes, giving the crypto token some real utility.

Such utility should mean that AiDoge enjoys considerable success when it launches in the following few months, and along with ecoterra, it  can potentially end up becoming one of the most successful presales of 2023.

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