Ethereum price movement: how will the zkSync deployment impact the value of ETH?

Ethereum ETH/USD is a blockchain network that is a dominant force within the crypto spheres of decentralized finance (DeFi), decentralized applications (dApps), and non-fungible tokens (NFTs).

However, it has been regarded as one of the blockchain networks with the highest gas fees.

As such, Ethereum is making developments towards reducing these fees.

The zkSync deployment as a catalyst for growth

On February 25, we covered how the Ethereum (ETH) balance on exchanges hit a 3-month high amid a major price plunge.

A zero-knowledge rollup has been launched on the Ethereum testnet. This is a system intended to help the network avoid reliance on human operators as a means of validating transactions and is known as zkSync.

The initial vision for zkSync’s permissionless, Turing-complete rollup, which allows the deployment of dApps at a low-fee, scalable layer-2 environment, was initially laid out in May of 2021.

This is an update that can bring more developers to the Ethereum ecosystem, which would, in turn, increase the widespread adoption of the network.

This system now offers higher design capabilities to developers, which ultimately streamlines their overall experience. Hundreds of developers are already waiting to deploy on zkSync 2.0, which will fuel a bullish outlook for the value of the token and for investors.

Should you buy Ethereum (ETH)?

On February 25, 2022, Ethereum (ETH) had a value of $2,594.28.

In order for us to see what this value point indicates for the ETH token, we will be going over its all-time high point of value, alongside the performance we saw throughout January from the token.

The all-time high value of Ethereum (ETH) was on November 10, 2021, when it reached a value of $4,878.26. Here, we can see that the token was $2,283.98 higher in value or by 88%.

Going over the token’s performance throughout January, Ethereum (ETH) saw its highest point in value on January 4, when the token reached $3,874.34.

The lowest point the token fell to was on January 24, 2022, when it decreased to $2,199.92. Here, we can see that the token saw a decrease of $1,674.42 or 43%.

However, from January 24 to February 25, the token has increased in value by $394.36 or by 18%.

With this in mind, we can expect Ethereum to reach $2,700 by the end of March 2022.

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