Ethereum (ETH) is about to skyrocket, and one key indicator may accelerate the rise.
ETH has surged from $1,200 to $1,565 in a few weeks. The second-largest cryptocurrency has done well.
The year-to-date gains for the price of Ethereum (ETH), the leading cryptocurrency, have been roughly 30%, and they have been achieved in just three weeks. Even though there are a few negative signs along the levels of lower periods, bulls have nevertheless been able to maintain their position as the dominating force.
Since a few weeks ago, the price of ETH has skyrocketed, rising from about $1,200 to a recent high of $1,565. The cryptocurrency with the second-highest market value has had a remarkable run. The price has grown by more than 32% since the beginning of January 2023, and it is currently consolidating above significant support levels. In the last twenty-four hours, the trading volume for Ethereum has decreased by more than 14%, indicating that there isn't much buying pressure at the current prices.
However, Ethereum Shanghai's upgrading is something that ETH holders are looking forward to since they believe it would drive the coin's price to record highs in the cryptocurrency market. The Shanghai fork is anticipated to start operating in March 2023. The entire value of the ETH 2.0 deposit contract has recently risen to an all-time high of 15,513,575 ETH, according to the most recent update.
This now serves as a significant indicator of the market players' rising confidence in the top blockchain network. As a result, the long-term price outlook for the altcoin king is optimistic. A change in monetary policy might also happen over a shorter period of time if the Federal Reserve adopts a more dovish tone in reaction to the fact that some data points show that inflation is declining. That would be a sign that the market was accurate, which would increase people's desire for riskier investments. ETH's price may burst through $1,685 and maybe soar above $1,920, but it may fall just short of the critical $2,000 mark.
Industry veterans agree with this outlook, including well-known crypto analyst Michael van de Poppe, who believes that ETH can continue to rise until $1,700-1,730 before encountering any form of resistance. Even anonymous trading guru Rekt Capital believes that the price of Ethereum (ETH) is edging closer to a significant breakout.
Ethereum (ETH) is currently being exchanged for $1,577 as things stand. In contrast to its 4.1%, decline over the previous seven days, this implies a fall of 1.22% over the last 24 hours, according to CoinGabbar.