Syed Imran Haider 
On Tuesday, February 7, 2023, the crypto market once more saw a dramatic rise. Including Bitcoin (BTC) and Ethereum (ETH), the prices of all cryptocurrencies have seen a rise.
Specifically talking about Ethereum (ETH), the price of the world’s second most expensive cryptocurrency surged by 0.5% and at the press time the digital currency was trading at $1,642.
After suffering losses over the past few days, cryptocurrency has made a strong comeback.
The current price of ETH equals the 4.5% gain of the previous week, furthermore, its price for the past 30 days shows a 30% rise.
A look at altcoin’s price performance shows that it has nearly replicated the price gain pattern of Bitcoin for the past month.
What Sets Ether (ETH) Apart From Bitcoin (BTC)?
Experts do believe that Ethereum as digital currency can achieve the type of adoption, that Bitcoin fans can only think of.
Recently, one of the world’s biggest payment service providers Visa revealed that it has begun testing virtual currency transactions on the Ethereum blockchain.
If Visa’s native cryptocurrency has been launched on the Ethereum blockchain it will give much-needed momentum to Ether, this moment can send Ether (ETH) up to its all-time high price.
The fact of the matter is that Ethereum is the world’s biggest layer-one decentralized cryptocurrency exchange.
But this announcement from Visa shows the potential of the Ethereum blockchain and also shows how dominant the cryptocurrency exchange could be in the future.
What Will Be The Price of Ethereum in Future, Following Its Current Price Increase?
The technical indicators show that Ethereum is currently walking on a very thin line and its present situation is very sensitive.
The digital token is highly sensitive to the market’s overall direction and it is also highly influenced by the United States Federal Reserve’s comments about the monetary policy.
Speaking of technical outlook, the coin’s 30-day average price movement shows that it has started to rise above its 200-day price trends.
Its price average may keep moving on for weeks to come. As of this writing, ETH is hinting at additional rises, which means that currency is about to enter the bullish trend and might stay there for some time.
The next key level of resistance for Ether (ETH) is $1700, once the cryptocurrency touched the $17k mark is expected to stay there for quite some time.
But if the currency managed to break above this mark it may further rise soon. Market experts do believe that there is more than one sign showing that the market is optimistic about the price of ETH moving forward.
The news that ETH’s native blockchains use can further increase has given much-needed momentum to ETH to attract the market bulls.
Investors on the other hand believe that Visa backing Ethereum is a big thing for the digital token’s market value. This can give ETH the strength that it might stay the dominant force in the market for months or years to come.
Many famous platforms, including Bloomberg, previously picked ETH as the best performer in the market in 2023. As the things are going in ETH’s way its shows that this year the crypto token might intimidate the price of Bitcoin (BTC) in the money market.
Ether is more efficient and scalable as compared to any other cryptocurrency. It has also been revealed that the platform is currently burning more ETH tokens than its offering.
Currently, ETH owns almost 55% of the entire DeFI market. This market is only going to rise for the currency the way it’s moving forward.
According to experts, the currency is perfectly on its way to go above the $2k mark this year. So, all those investors who have interest in investing altcoins should consider investing in ETH.
If the market stayed bullish for the entire of 2023, it is quite possible for ETH to touch the $3K mark.
