The recent launch of PayPal’s USD stablecoin, known as PYUSD, as an ERC20 token on the Ethereum network has ignited significant interest in the cryptocurrency market. This move signals a crucial step toward Ethereum’s mainstream adoption. It is significant not only for the Ethereum network but also for the cryptocurrency market as a whole. It is also reflected in the daily ETH price action:
At the time of writing, the ETH price is trading around $1850, which suggests a consolidation for the short term. The candlesticks are forming around the baseline of the Bollinger Bands and 50-day EMA. On the other hand, Relative Strength Indicator (RSI) marks 50.
Overall, in the short term, Ethereum is neutral, and traders are waiting to find a direction. In the long term, ETH price has been forming higher highs and higher lows, and after such great news, the formation will continue in the next few months. So you can expect a breakout of $2000 resistance in 2023.
Is It the Right Time to Buy Ethereum?
Through the introduction of PYUSD, Ethereum gains access to a massive user base, as PayPal is widely used for online transactions. This integration introduces Ethereum to a broader audience, potentially driving more individuals and businesses to explore its benefits. As Ethereum evolves into a central digital transaction hub, its future appears bright.
Despite the price of ETH faces headwinds, it will be a good investment option as the forecast for Ethereum looks promising. Based on our algorithmic ETH price prediction, the price will cross $3800 this year, but it will take time to cross the psychological level of $5000. The strong fundamentals and the expanding use cases facilitated by PYUSD suggest that Ethereum’s value could continue to rise.
Besides that, the ongoing discussions about the potential approval of a Bitcoin ETF could further boost the overall cryptocurrency market sentiment. While it is essential to keep an eye on regulatory developments, introducing PYUSD remains a pivotal moment for Ethereum’s growth to reshape the future of digital transactions.
These recent developments open the door to mainstream adoption, significantly enhancing Ethereum’s potential value. Ethereum has maintained strong fundamentals and positive sentiment in the cryptocurrency market, so it is the right time to invest in ETH.