Ethereum price at $1.4K was a bargain, and a rally toward $2K looks like the next step

Ethereum price continues to encounter resistance at $1,800, but noshitcoins gives three strong reasons why investors are clearly focused on $2,000 as ETH’s next price target.

Correlation versus application-focused tech companies

Oracle, SAP, and Salesforce are similar to Ethereum in that their software enables users to access shared computing resources and resources. This is in contrast to chipmakers NVidia and TSM, infrastructure providers Microsoft and Oracle, and technology companies Apple and Cisco that heavily rely on equipment.The market capitalizations of Oracle, Salesforce and SAP are comparable to Ether's at $233 billion, $188 billion, and $149 billion, respectively.

This 22% difference between the 30% increase in TVL and the 8% increase in ETH price indicated that Ether's true value should have been near $1,700, a level that was reached three days later on March 13, 2023. This simple model excludes a number of variables that influence supply and demand and the resulting price level, but it does provide an indication based on historical data.

of 3,016,607 ETH via the EIP-1559 Improvement Proposal. This equates to an additional $5.4 billion in capitalization that would have otherwise been created, thereby adding to the supply side and restraining price appreciation.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

Cointelegraph /  🏆 562. in US

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

US Sen Scott pushes for new Fed inspector general, slams Fed over bank regulationRepublican U.S. Senator Rick Scott said on Monday he will introduce legislation to create an independent inspector general to oversee the Federal Reserve, as he called the U.S. central bank 'unable or unwilling to properly regulate' banks in a letter to Fed Chair Jerome Powell.
Read more »

Fed's median view of fed funds rate at end-2023 unchanged at 5.1% in MarchThe Federal Reserve's revised Summary of Economic Projections (SEP), the so-called dot plot, showed that the median view of the policy rate at end-202
Read more »

'Heart of Dragon' Trailer: Jackie Chan Classic Gets 2K Digital and Blu-ray Release [Exclusive]Jackie Chan's classic HeartOfDragon is getting a 2K digital and Blu-ray release. Watch the exclusive trailer for the re-release here:
Read more »

Official Lego 2K Drive video game reveal set for this week after several leaks - AutoblogIt's time for another Lego racing game, this time with player-versus-player battles and customizable characters.
Read more »

More than 100 arrests made for dangerous driving and racing during Texas 2K drag racing eventThe Texas 2K drag racing event is legal and drew a large crowd to Houston, but authorities said the problems were outside of the event with 'people who cross the line.'
Read more »