Ethereum Price Analysis: ETH May Soon Reach $1,900 Following Visa Boost

Last Updated July 23rd 2021
2 Min Read

Daily Ethereum ETH Price Forecast
  • Ethereum price flipped the 20-day and 50-day SMAs from resistance to support.
  • The IOMAP shows a lack of strong resistance barriers.

Since March 25, the Ethereum price has jumped by nearly $300, going up from $1,585 to $1,845. During this upward surge, ETH managed to flip the 20-day and 50-day SMAs from resistance to support.

Ethereum Price Break Above Key Levels

The Ethereum price is aiming for the $1,900 psychological level. The relative strength index (RSI) shows that ETH still has more space to grow. Plus, the MACD is about to reverse from bearish to bullish. All these signals tell us that buyers are still in control of the market.

eth/usd daily chart 033121

Image: ETH/USD daily

The IOMAP shows a lack of strong resistance barriers up top. The only obstacle of note is at the $1,900-level, wherein 83,000 addresses had purchased almost 415,000 ETH tokens.

eth/usd volume chart 033121

Image: IntoTheBlock

Visa And Ethereum – It’s Finally Happening!

Visa recently announced that it now settles payments in the USDC stablecoin on the Ethereum blockchain. In other words, Visa has become the first major payments firm to use stablecoin as a settlement currency. Until now, Visa settled payments in fiat currencies only. 

For its new USDC settlement capability, Visa is working with Crypto.com as part of a pilot program. Previously, Visa's standard settlement process needed Crypto.com to settle in a fiat currency, which was expensive and complex. Now Crypto.com can settle with Visa directly in USDC. 

Visa's chief product officer Jack Forestell said: 

The announcement today marks a major milestone in our ability to address the needs of fintechs managing their business in a stablecoin or cryptocurrency. And it's really an extension of what we do every day, securely facilitating payments in all different currencies all across the world.

 Crypto.com CEO Kris Marszalek said the firm wants to enable millions of world-wide customers to access digital currencies. Visa's capability to "directly accept and interact with digital currencies" maximizes the benefits of digital currencies, he added.

Visa's settlement agent for the USDC capability is crypto bank Anchorage. That means Crypto.com sends USDC to Visa's Ethereum address at Anchorage. Diogo Mónica, the co-founder of Anchorage, said: 

Visa came to us in 2019 with an idea—make secure, efficient, and seamless settlement payments possible in digital currency by linking Visa's treasury with Anchorage's custody platform. This would give the next generation of crypto native issuers the option to directly settle with Visa in a digital currency over a public blockchain.

Visa said the new service is "one small step forward" for its settlement platform, but "one giant step forward" to integrate digital assets.

Ethereum Price Is Expected To Reach These Levels

If Ethereum price takes over the $1,900 level, it will make a charge for the $2,000 psychological level.

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