Ethereum price analysis: ETH faces a minor pullback after failing to break above the $1,600 level

Today's Ethereum price analysis indicates ETH has faced a minor pullback after failing to break above the $1,600 level. The ETH/USD pair traded as high as $1,594 before it faced selling pressure and began to decline.

Timeline of Ethereum

A red-hot Ethereum (ETH) scaling solution has seen its recent price surge matched by an all-time high in daily transactions. The crypto research firm Delphi Digital notes that Optimism (OP) hit 691,000 daily transactions on January 7th, its best-ever number.

As the second biggest cryptocurrency by market capitalization Ethereum (ETH) continues to test resistance levels in January after a solid start to 2023, investors are interested whether Ethereum has more room to grow by the beginning of February.

Bitcoin (CRYPTO: BTC) recorded losses this morning, with the cryptocurrency prices tumbling below the $21,000 level on Thursday. Ethereum (CRYPTO: ETH), also traded higher, falling below the key $1,600 mark on Thursday.

Crypto analytics firm Santiment reports that whale activity on three altcoins has surged since the start of 2023. Starting with the liquidity protocol Aave (AAVE), Santiment says that the 42nd-largest crypto asset by market cap has seen the number of transactions valued at over $100,000 increase by more than 1,100% year-to-date.

Shiba Inu [SHIB] is having one of its most important weeks in the recent past, mostly courtesy of Shibarium. This may have renewed investor interest, triggering more demand, which is now evident in its performance.

Ethereum has reached a new milestone in adoption and security as the number of validators on its network now exceeds 500,000, according to data from BeaconScan. As to whether this milestone or the upcoming Shanghai upgrade will impact Ethereum's price, this depends on a number of factors that we'll explore below.

Following a massive bullish rally, the Ethereum coin price has shown several higher price rejection candles near the $1600 mark in the last few days. This rejection hints at the exhausted bullish momentum, which could encourage a minor pullback in the near term.

Among other cryptocurrencies, the price of Ethereum (ETH) in 2023 has continued to demonstrate impressive strength in the broader crypto market. In spite of the fact that some market participants may still be skeptical, there is a chance that ETH may surge significantly based on the technical factors currently favoring the second-largest cryptocurrency by market The post Up 25% in 7 Days, This Crypto's Next Move Deserves Your Attention appeared first on CoinGape.

Ether reached a local high while shiba inu continues its momentum from Sunday, the memecoin jumped 15% in the past day. The post Shiba inu jumps 15% as ether trades around $1,600 following PPI release appeared first on The Block.

Ethereum Shanghai upgrade will allow validators to withdraw for the first time since people began staking in  september 2022 after the merge. However, ethereum stakers won't be able to withdraw right away.