Analyst Ali recently tweeted about a promising pattern on the Ethereum (ETH) charts. The cryptocurrency appears to be on the verge of a substantial rebound as it nears the hypotenuse of an ascending triangle, clearly visible on the 3-day chart.
The key to unlocking this potential surge lies in Ether’s ability to secure a strong close above the 18-day Simple Moving Average (SMA). If this critical level is achieved, we could witness Its price skyrocketing to the range of $1,800 to $1,900.
At the time of writing, Ethereum’s price is $1,605.18, while its 24-hour trading volume stands at an impressive $5 billion. Although Ethereum has experienced a minor 0.37% dip in the last 24 hours, the cryptocurrency has displayed a strong 3.80% rise over the past week.
Amid this surging interest in the cryptocurrency space, one of the world’s largest banks, Standard Chartered, has made a bold prediction for Ethereum. According to a recent CNBC article, the UK-based bank forecasts that Ethereum could potentially see a staggering 2,100% price increase, reaching as high as $35,000 after an anticipated $8,000 milestone in approximately three years.
Analyst Geoff Kendrick from Standard Chartered believes that Ethereum’s growing use cases, alongside layer-2 scaling solutions, are key factors driving this bullish projection.
Ethereum Staking Landscape
Meanwhile, the Ethereum staking landscape is also attracting significant attention. According to a report on the state of Ethereum staking in Q3 2023, staked ETH has witnessed a notable 17% growth during the quarter. Stake centralization remains a concern, with Lido holding a 32% market share, presenting systemic risks that must be addressed.
The report highlights various potential solutions, including the emergence of DVT for more efficient and decentralized staking and the implementation of EIP-7514 to limit validator creation.
On the economic front, staking APR has declined by 39% due to the addition of new validators, while deposit volumes consistently exceed withdrawals in liquid staking. The report also notes the rapid growth of LSDfi. However, more than 50% of it is dominated by just three staking pools, indicating the need for diversification and decentralization in the staking ecosystem.
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