Ethereum Price Prediction as Charles Hoskinson Says Elon Musk Twitter Takeover Will Onboard 200 Million New Users to Crypto – How Will ETH Benefit?
The ethereum price has risen by 3.5% in the past 24 hours, reaching $1,215 amid a 2% rise for the cryptocurrency market as a whole. Its current level also represents a 9% jump in the last seven days, with this rise following comments by Ethereum co-founder -- and Cardano founder -- Charles Hoskinson, who recently predicted that Elon Musk's takeover of Twitter will result in significant cryptocurrency adoption.
Specifically, Hoskinson predicted at the Web Summit 2022 conference that Musk's Twitter takeover will add 200 million users to the cryptocurrency ecosystem. So with Ethereum remaining the biggest layer-one blockchain in terms of value locked in, it and its native token are arguably best placed to benefit from such a growth in adoption.
Ethereum's chart shows that it's beginning to swing upwards again after a big drop earlier in the month (caused by the FTX collapse). Its relative strength index (purple) is on track to reach 50, indicating growing momentum that could continue, assuming no aftereffects or contagion events related to FTX's downfall.
ETH's 30-day moving average (red) continues to sink below its 200-day average, suggesting that it hasn't quite finished bottoming. Still, on a purely technical basis, it's due for a nice rebound in the coming days and/or weeks.
Looking at the bigger picture, there are various reasons to be optimistic about ETH. For one, Ethereum famously completed its long-awaited Merge in September, turning it into a proof-of-stake system and putting on track to introduce further scalability improvements.
More recently, Cardano founder (and Ethereum co-founder) Charles Hoskinson made comments this past week which provide support for the (widespread) perception that Elon Musk's takeover of
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