Visa goes Ethereum! How high can the ETH payments giant push now?

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According to Coingecko data, Ethereum is the second most popular cryptocurrency with a market valuation of $197 billion. The Ethereum network is the quintessential DeFi ecosystem because most protocols are built on top of it. This, in turn, has sparked the interest of digital payments giant Visa, which has now announced its support for Ethereum as a payment processing method.

The move could start another rally for Ethereum (ETH), which is currently up nearly 30% on the monthly time frame.

Ethereum – the future crypto backbone of Visa

At StarkWare 2023, Cuy Sheffield, VP and head of cryptocurrency at Visa, announced that the company would be testing large transactions using the Ethereum blockchain. VisaNet, the company’s electronic payments network, is connected to SWIFT, better known as the Interbank Financial Telecommunication Association worldwide.

It’s an honor to have you @cuisheffield at #StarkWareSessions23!
See you all soon 🙌 pic.twitter.com/uHNKTtG4qG
— StarkWare (@StarkWareLtd) January 27, 2023

This makes the system extremely efficient as the network can easily handle up to 2,000 transactions per second. However, the connection to SWIFT limited the network’s ability to operate at the frequency required by the company.

Sheffield emphasized at the event that the company is testing how to accept payments in the form of stablecoins on the Ethereum network. USDC is the stablecoin of choice – the fifth largest cryptocurrency in terms of market capitalization.

This integration of blockchain technology alongside traditional financial instruments can advance Visa’s vision of a cashless society.

Can Ethereum be led to higher highs?

At the time of writing, the positive news for Ethereum has not translated into the market at all as the altcoin we maintain continues to ride a bearish wave. Due to the high correlation with Bitcoin and the current woes of the top cryptocurrencies, we can expect the coin to fail in the short to medium term.

Ethereum’s current bear market could see sellers testing the current support at $1,593 – a crucial support that could lead to longer-term pain if it breaks.

While many view the altcoin as a solid investment to diversify a cryptocurrency portfolio, it’s difficult for investors to be optimistic about the coin’s long-term prospects due to Ethereum’s current slowdown.

Total market cap of ETH at $199 billion on the daily chart | Chart: TradingView.com

With this in mind, investors and traders should take the current state of ETH with caution. However, Visa’s continued use of the Ethereum network could push the altcoin to the fore and cement the token’s position as the best cryptocurrency in the market.

If $1,500 is the support, we can expect a move higher in the medium to long term as more developments from Visa come to light. In light of these developments, investors can buy Ethereum. However, according to analysis, the following bonds have an optimized risk-return ratio:

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Text credit: Bitcoinist

Last updated on February 7, 2023