Price Analysis

This Factor May Propel the Ethereum(ETH) Price by More than 20% in Q1 2023

Author: Sahana Vibhute

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A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Story Highlights
  • Ethereum price continues to hold above crucial support at $1240, manifesting the strength within the rally that could propel the price close to the main target at $1500

  • The upcoming network upgrade, the Shangai hard fork in March 2023, is believed to impact the Ethereum ecosystem to a large extent, meanwhile, the impact of the ETH price currently remains sceptical

As Bitcoin price climbed back above $17000, the crypto space, specifically Ethereum also has gained some strength. Hence the prices are hovering close to the interim target at $1,300 but awaiting a bullish push that may make it possible. However, on the other hand, the developers recently announced the progress of the Shangai hard Fork release which may also be a major factor in ETH price strength. 

The ETH price after the recent collapse displayed a strong comeback. The upcoming network upgrade is believed to be pivotal as it will enable withdrawals of staked Ether on the Beacon Chain for validators through an Ethereum improvement Proposal (EIP) 4895. Along with this, proto-danksharding will also be implemented to improve the scalability by splitting the network into shards. 

Will this impact the Ethereum (ETH) price or it will be yet another ‘Buy the Rumour and Sell the news event?

Ethereum (ETH) price has plateaued around $1280 levels after clearing the hurdles at $1240, since the beginning of December. The token continues to remain with the decisive phase where-in both the possibilities of a surge and plunge appears to be likely. 

Trading View

The Ethereum price during the FTX fiasco broke below the crucial trend line and mark the bottom somewhere around $1080. Since then the price is attempting very hard to reclaim the levels within the decisive triangle which could attract strong hands required to propel high to the next resistance at $1670. 

In case, the price fails to do so, a rejection may drag the price lower close to $1100 initially, and if the bearish influence intensifies the ETH price may reach the yearly lows of $1000 too. However, the Ethereum price continues to manifest its strength due to which a bearish perspective appears unlikely.

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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