Ethereum  network  experiences  increase in deposit  and buys as the the wind of bull keeps blowing, with the hope of the coming  good news  amid the expected Ether spot ETFs approval and bitcoin halving. Investors are much hopeful  and determined  to stack up their bags as Ethereum price breaks through resistance for the first time after  many days now.

     Ethereum price dropped from $2690.76 highs on the 12/jan/2024, as it gathered up support at the price of $2196.86 as at 23,jan,2024. Consolidating around this price, Ether price breaks through  resistance  at $2317, led by the buying pressure, bull waves and the on chain  activities.

The question  is, will ethereum sustain this bullish momentum  ? Is ether rally led by asset demands or controlled by on chain activities  and some  Ether staking protocols  ? Well, from the recent research  I made about this, I discovered that the most of activities ( transfer,  execution and deposit ) carried out on ether chain  are done by some staking solution protocols. Either depositing for staking, or transferring rewards earn from staked asset.

                            STAKING

Staking is done by locking up an asset in a particular protocol for a period  of time while gaining  from the hourly generated rewards according to the protocol rewards mechanism.

                            EFFECT 

These activities  largely affect  ether price which to me I think it has affected the Ethereum network positively,  securing ethereum network ( as ethereum now run a prove of stake consensus mechanisms ) and giving stakers opportunity  to earn new tokens by delegating their asset.

      So what are we saying ? If this price surge  we see is caused by ether network on chain activities, and liquidity transport protocols, then there is a rising increase for ether token demands for staking, which I think it will certainly  skyrocket Ether price to the moon as these demands increases. If you have been carefully observing, during crypto market fall in price, Ethereum usually  gather  heavy support that usually prevent it from falling drastically  in price unlike every other crypto tokens. This is usually because  of the heavy staking activities,( am not implying that other project doesn't  stake their tokens, but ethereum chain is uniquely exceptional ) securing and preventing the price of the asset from dropping  drastically.

     ETHEREUM PRICE FORECASTS 

Ethereum experience all time highs with the price of $4868.825 on 10,Nov,2021, during the last bull market.

Since  2021 till date, Ethereum network  has experienced many more developments, upgrade and lots of decentralized projects founded on the network. Ether chain is ever to be considered, and this 2024 bull market might  take ether price to $15,000 if not more.

 WELL FROM THE CURRENT PRICE, WHAT ARE

            WE EXPECTING  NEXT  ?

Well price is at $2,493 as I write. What traders and investors  should be expecting is a build  up around  this price, then a quick and little pullback  in price to takeout early buyers, before price continues to the upside.

                  TRADING  TIPS

Accumulate more positions as you can, and investors  should bag as many they can, because  this could be the last time we might  be seeing ether price at $2,490. Immediately after the bull market, Ethereum  at $2,490 will be history. 

Thanks  guys for taking time to read. If you want to be the first to see my next analysis, check on this blog daily. Thank you!!