Ethereum poised to break $1,700 – MetaMask launches staking with Lido and Rocket Pool
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- 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.
🦈 #Ethereum has jumped above $1,400 for the first time since November 7th. Over the past 10 weeks, ~3,000 new shark addresses (holding 100 to 10,000 $ETH) have shown up on the network. 48,556 shark addresses is the highest level recorded since Feb, 2021. https://t.co/yJfTP3QhKI pic.twitter.com/4tzS0nsph9
— Santiment (@santimentfeed) January 12, 2023
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.
Altcoins are on the move. Is this the start of the long awaited altcoin season?
— Carl From The Moon (@TheMoonCarl) January 9, 2023
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%.
#Altcoin season started last week
It won’t be long now till we see consistent 40-50% pumps in the Altcoin market 💰
— That Martini Guy ₿ (@MartiniGuyYT) January 14, 2023
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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