On the last day, the price of Ethereum increased by 4.5%, rising to $1,669 as the cryptocurrency market returned from its weekend selloff.
Its current value has gained 6.5% in the past week, 8% in the past 30 days, and 39.5% since 2023 began.
And with ETH being perhaps the most fundamentally good coin in the market, it has every opportunity of experiencing greater gains as the year unfolds.
There may be a big rush into it in the following months due to the Shanghai upgrade and the coin’s impending devaluation.
Where is the Next ETH Goal as ETH Pumps Up 4.5% in 24 Hours? – Ethereum Price Prediction?
The relative strength index (purple) for Ethereum has increased from an oversold 30 to 60, providing a positive image on the chart.
Moreover, a new bullish trend has emerged as the coin’s 30-day moving average (red) has risen above its 200-day (blue).
Nevertheless, it’s still unclear how long a trend like this might remain, but if ETH can overcome the $1,700 resistance mark, things might last longer.
This will likely happen with what ETH has planned for the near future.
As mentioned, it is now waiting for the Shanghai upgrade, which will unveil at the start of April.
The withdrawal of staked Ethereum will be possible in Shanghai.
Others say that the update will instead have the long-term impact of enticing more institutions into the Ethereum ecosystem, contrary to some who assert that it will boost selling pressure.
The coin will ultimately profit from the ability to withdraw staked ETH since it lowers the risk users assume when staking by assuring they can swiftly get their money.
The technical underpinning for planned Ethereum improvements like sharding, which will dramatically increase scalability once it goes live, is also provided by Shanghai (most likely next year).
Even while this is already good for ETH, there are still more reasons to be optimistic about the future of the alternative coin.
For starters, after the Merge in September of last year, combined with the prior EIP 1559 upgrade, the coin has started to deflate (which resulted in the burning of fees).
Moreover, given that it frequently burns more tokens than it creates, ETH has the propensity to become deflationary during moments of high traffic.
This strengthens the bull argument for ETH, as does recent adoption-related news.
Most significantly, Coinbase said it would release Base, a layer-two sidechain for Ethereum.
The fact that Coinbase wants to use Base to “onboard 1B+ individuals into the cryptoeconomy” is noteworthy. In other words, it aims to bring 1 billion or more people onto the Ethereum platform.
This will only lead to a rise in the use of Ethereum and ETH over time, compounding the deflationary effects outlined above and driving up demand for ETH in general.
Visa’s February revelation that it is testing USDC stablecoin payments on the Ethereum blockchain is another good news for Ethereum.
If combined with the Coinbase announcement, most large companies will choose Ethereum if they use a public, permissionless blockchain.
As a result, the market can anticipate that ETH will increase consistently throughout the year, even though the next few months may be difficult owing to the developing banking crisis.
But, once ETH crosses the $1,700 mark, it may increase to $2,000 by the second half of the year and perhaps hit $2,500 at the beginning of 2024.
Is This the Right Time to Buy Ethereum?
Although ETH’s fundamentals are strong, a significant rise may not occur until the Shanghai upgrade is scheduled to be completed in April.
As a result, investors and traders may want to consider alternative high-potential currencies that are now on the market, many of which promise short- and long-term gains.