Ethereum price prediction is bullish above the $1,245 level and may head higher toward the $1,270 level today. Ethereum (ETH), the second-largest cryptocurrency in the world, has been flashing green and has risen more than 5% in the last few hours after a week of strong selling pressure.
However, the increasing trend could be attributed to several factors. Everything has been working in favor of Ethereum’s value, whether it’s the renewed whale activity, the Shanghai upgrade, or the general market optimism.
Ethereum Price Prediction
The current price of Ethereum is $1,253.30, with a 24-hour trading volume of $5 billion. In the last 24 hours, Ethereum has lost nearly 1%. Ethereum is now ranked second in the market, with a live market cap of $153 billion. It has a circulating supply of 122,373,866 ETH coins.
The ETH/USD pair has struggled to break over $1,260, and a Doji candle closing below this level suggests a weaker bullish trend.
As a result, ETH may fall below $1,245 to complete the 38.2% Fibonacci retracement, with $1,230 being the 61.8% Fibonacci retracement as the next support. On the upside, ETH’s immediate resistance remains at $1,270, with a bullish crossover above this level exposing ETH to the $1,295 mark.
Upbeat Market Mood
Since the start of the new year, the global cryptocurrency market has been glowing green. The cryptocurrency market began to show signs of life in the first week of 2023, with Bitcoin gaining 2% and Ethereum gaining 5.5% in the previous seven days.
The current global market capitalization is $820 billion, up 1.2% from the previous day. Ethereum (ETH), Dogecoin (DOGE), Solana (SOL), and Litecoin (LTC) were among the other notable cryptocurrencies that saw gains.
However, the reason for the bullish crypto market might be related to the fact that the world population will surpass 8 billion in 2022. As a result, the global number of cryptocurrency users has hit new highs. Aside from that, the Próspera region of Honduras declared that bitcoin will be accepted as legal currency in 2022. In fact, the legal framework has been constructed to permit the issuance of bitcoin bonds.
Furthermore, Brazil developed its regulatory system. Former Brazilian President Jair Bolsonaro signed legislation allowing the use of cryptocurrencies as a means of payment within the country.
Meanwhile, Dubai created a regulatory framework for cryptocurrencies to protect investors and establish urgently required global standards for industry governance. Therefore, all of these developments were considered major factors in aiding the crypto market to recover its losses.
Ethereum’s Shanghai Upgrade
The Ethereum community is anticipating the Shanghai Upgrade, the next significant network update. This update will include Ethereum Improvement Proposal (EIP) 4895, which will allow ETH staked on the Beacon Chain to be withdrawn.
his is beneficial for systems that use liquid staking, which involves temporarily storing money so that rewards can be accumulated while still allowing access to them.
Following the Shanghai upgrade, investors are likely to prefer liquid staking solutions, and once staked ETH can be withdrawn, earnings for liquid staking providers are expected to rise. Furthermore, Ethereum developers have agreed to a second hard fork, known as EIP 4844, that will handle proto-dank sharding and is set to take place in the fall of 2023.
EIP 4844 would use sharding, a technology that divides a network into smaller units known as shards, to increase capacity and reduce gas costs. The world’s second-largest cryptocurrency has recently recovered after being under intense selling pressure for the previous week. The recent price increase for ETH was caused by increased whale activity on Ethereum.
In the previous 24 hours, more than 600 ETH transactions totaling more than $100,000 were completed on the Ethereum blockchain. Following the drop in purchases on December 16, the volume of ETH whale transactions has increased significantly.
Vitalik Buterin Reaffirms Ethereum’s Potential
Vitalik Buterin, the co-founder of Ethereum, has expressed his confidence in the future growth of the platform even if we are about to enter a period of significant global macro uncertainty.
The Ethereum Improvement Protocol (EIP) 4884 will probably launch this year, according to the Ethereum co-founder. Vitalik Buterin expressed his excitement over achieving the “basic roll-up” milestone as defined in the ETH roadmap in response to a post by Balaji Srinivasan, the former technical officer of Coinbase.
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