The price of Ether continued to rise this week, but the gains were short-lived as ETH fell lower quickly to $1,510. ETH/USD is now trading at $1,528.12 which is down by 3% in 24 hours and has been increasing by 10% in the past week.
Ethereum Soulbound Web3 Identification Protocol Announcement
According to a press release on January 17, Masa Finance, the first Ethereum Virtual Machine (EVM), has announced the first soulbound identification protocol for the Ethereum mainnet. The platform will facilitate the creation of standard soulbound tokens for Know Your Customer (KYC) verification, credit ratings, and other use cases on Ethereum.
Moreover, the mainnet launch of Masa Soulbound Identity requires the development of an on-chain Soulbound Token protocol and the design of such a protocol to improve the Web3 ecosystem.
According to a press release from Masa’s co-founder Brendan Playford, identification should be as easy for users to create as an NFT and for developers to deploy as an ERC-20 smart contract.
The project that is offering this new protocol will allow you to develop tokens on Ethereum or all ERC-20 tokens. This could, in turn, be very beneficial for all Ethereum users and there are many benefits including price stability and much more.
Shanghai Update
At the time of writing, the number of Ethereum (ETH) validators was 502,636, according to BeaconScan statistics. It fueled excitement for the next update. For the Shanghai upgrade, a hard fork scheduled to occur in March 2023, Ethereum developers set up a new testing network on January 11, and the new testing environment for developers is known as devnet 2.
In the Shanghai update, several Ethereum Improvement Proposals are included. The upgrade launches the “Surge” phase of the ETH cycle, which attempts to enhance the infrastructure and scalability of the network.
The Ethereum team reached the milestone of implementing the Shanghai hard fork on time. This announcement comes after developers completed a January 9, 2023, upgrade of Ethereum’s code. The announcement states that Ethereum withdrawals will continue without interruption.
As of the planned Shanghai update, traders who have ETH holdings can unstake those coins and send them to the Beacon Chain. The potential increase in demand for Ethereum on exchanges may cause another price hike for Ether.
Growing Institutional Interest
On January 19, Matt Hougan, CIO of Bitwise Asset Management, stated in an interview that institutional interest in ETH staking rose after the ‘Merge’.
Staking is a method of receiving incentives for holding a particular token (in this case, ETH) for a specific period. People stake their ETH for the network’s security and get rewards with yield or further compensations.
Additionally, a recent survey found that many institutional investors were considering purchasing Ethereum and other alternative currencies.
The growing technological development of cryptocurrencies and improvements in the ecosystem has had a significant influence on institutional adoption. Moreover, institutional interest in ETH staking could benefit ETH/USD
Ethereum Price
The live Ethereum price today is $1,547.41 with a 24-hour trading volume of $6.7 billion. The current CoinMarketCap ranking is 2, with a live market cap of $189 billion.
The ETH/USD pair bounced off the $1,510 mark, a 23.6% Fibonacci retracement level, and is now heading north toward the next resistance level of $1,610. On the 4-hour timeframe, the 50-day moving average is also supporting the Ethereum price near $1,510.
The leading technical indicators such as the RSI and MACD indicators suggest divergence, such as the RSI is in a buying zone, while MACD is still under 0, in a bearish zone
If $1,500 breaks, Ethereum is likely to plunge to the low point that’s set at $1,440 based on its 38.2% Fibonacci retracement. If the drop in ETH continues, $1,350 could be broken and the dollar value could hit a difficult place
The $1,500 support level is quite likely to cause a net increase in the market price at $1,660, with it serving as a resistance level.
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Meta Masters Guild (MEMAG)
The Meta Masters Guild has seen tremendous growth, rising from $200,000 to a whopping $684,906 in just a few days. This phenomenal rise suggests that the public has placed a high level of trust in the company’s future expansion and profit-generating ability.
Meta Masters Guild will release its first mobile game in Q3 2023. MEMAG, their own cryptocurrency, enables users to exercise governance rights, engage in staking activities, and buy items and NFTs on the network.
In addition, they intend to develop play-to-earn and Web3 games to provide even more interesting gaming experiences.
Early investors have a limited window of opportunity to participate in the MEMAG sale, which presently provides 1 MEMAG for $0.01!
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