Altcoins

Ethereum poised to break $1,700

  • Ethereum (ETH) primed to tap $1,700 after hitting a new ATH in 2023.
  • MetaMask wallet launches staking for users using Lido and Rocket pool staking services.

Ethereum (ETH), the second largest cryptocurrency by market cap, is poised to hit a new price mark in the near term. After recording a notably bullish week, Ethereum’s price movement signals a promising week ahead for the asset, that could result in an upswing to a new high of $1,700.

Ethereum (ETH) is kicking off the new year extremely strong, as it breaks $1,400 for the first since last year’s November. The altcoin attained the new price mark on the 12th of January, after opening the day with a price of $1,405.35. Ethereum bulls would later push prices up to $1,432.28.

As highlighted in a recent tweet from market intelligence platform Santiment, Ethereum was able to attain the new price levels, courtesy of the upsurge in new whale addresses.

Santiment added that the Ethereum network has recorded a total of 48,556 whale addresses; the highest number recorded for the first time since February 2021.

Although a price decline followed the surge shortly after, Ethereum has been up by 8.19% within the last 24-hours, according to data from Coinmarketcap. At the time of this report, the asset is trading at a price of $1,530.

In the last 7-days, Ethereum’s gains have reached 21% as the bulls continue to build up momentum. If the altcoins maintains its current pace, Ethereum could tap $1,700 within the next few days.

Meanwhile, popular cryptocurrency analysts like “The Moon Carl,” and MartiniGuy, are of the opinion that altcoin season is already in motion.

Altcoin season is a term coined by cryptocurrency players in the time, that refers to a period when altcoins are consistently outperforming Bitcoin.

In the last 7-days, altcoins like Polygon, Solana, and Cardano have collectively outperformed Bitcoin in price value, with gains going from 22% to as high as 68%.

In the coming weeks, one of the aforementioned analyst predicts that altcoins could consistently see gains go up to 50%.

MetaMask debuts staking feature integrating Lido and Rocket Pool

MetaMask, the popular Cryptocurrency wallet that supports Ethereum based tokens and NFTs, is introducing a new feature to the Meta Mask portfolio. Using Lido and Rocket Pool, two major staking pools that supports Ethereum 2.0 and other POS blockchains, users can carry out staking with ease.

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Speaking to Coindesk, the product manager of MetaMask, Abad Mian explains that “By allowing staking through the MetaMask Portfolio dapp, we are providing MetaMask users with a convenient way to interact with staking providers.”

It bears mentioning, that the rewards users get from their staked Ethereum tokens will not be accessible to them for withdrawal, until the upcoming Ethereum Shanghai upgrade kicks off in March.

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