Ethereum's possible increase in value due to Visa's push might occur now.

With a market value of $197 billion, Ethereum is the second most widely used cryptocurrency, according to Coingecko data. As a result of the biggest protocols being built on top of it, the Ethereum network gained popularity with DeFi. This caught the attention of industry leader in electronic payments Visa, which only recently declared its acceptance for Ethereum as a means of payment settlement. The move might lead to another uptrend for Ethereum (ETH), which as of this writing is up around 30% monthly based on statistics as of today, January 7th.

Ethereum Will Assist Visa's Crypto Project

Cuy Sheffield, Visa's vice president and head of cryptocurrency, revealed the company's plans to try out big transactions on the Ethereum blockchain at StarkWare 2023. The company's electronic payment network, VisaNet, is connected to SWIFT, also known as the Society of Worldwide Interbank Financial Telecommunication. As a result, the system is quite effective, and the network can easily manage more than 1,500 to 2,000 transactions per second. However, the network's ability to operate at the desired frequency has been constrained by its interconnection with SWIFT.According to Sheffield, the firm is experimenting with accepting stablecoin payments on the Ethereum network. The preferred stablecoin is USDC, the fifth-largest cryptocurrency by market cap. Visa's goal of creating a cashless society can be advanced by this combination of blockchain technology and conventional financial instruments.

Will This Lead to Higher Highs At $1.6K？

As of this writing, the market has not at all responded positively to Ethereum's positive news, and the valuable altcoin is still riding the bearish trend. We can anticipate the coin to operate much poorly in the short to medium term due to its strong association with Bitcoin and the ongoing difficulties the leading cryptocurrency is facing. Due to the present bearishness Ethereum is displaying, the bears may test the current support level at $1,593, which if broken, might result in additional long-term suffering.

Even while the altcoin is often regarded as a reliable investment to diversify a cryptocurrency portfolio, the current Ethereum slowdown has made it more difficult for investors to be positive about the altcoin's long-term prospects. In light of this, traders and investors should exercise caution on the state of ETH at the moment. However, Visa's continued use of the Ethereum network may draw attention to the altcoin and further bolster its position as the leading cryptocurrency asset on the market. In the medium to long term, when further developments from Visa materialize, we can anticipate a bullish increase if the $1.5k support holds.

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