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.
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