The Ethereum price has increased by 4.5% in the last 24 hours, reaching $1,669 as the cryptocurrency market recovers from its weekend selloff.
With its current value, the altcoin has gained 6.5% in the past week, 8% in the past 30 days, and 39.5% since the year 2023 began.
And as ETH may be the market’s most fundamentally sound coin, it stands a good possibility of making additional gains throughout the year.
In fact, there may be a rush into it in the following months due to the Shanghai upgrade and the coin’s impending devaluation.
Today’s Ethereum Price
| DATE | ETC | USD |
|---|---|---|
| Today | 01 | $ 1,772.95 |
Ethereum Price Prediction
The relative strength index (purple), which was previously at an oversold 30 on ETH’s chart, has risen to 60 and is currently painting a positive image.
Moreover, a new bullish trend has begun to emerge as the coin’s 30-day moving average (red) has started to rise above its 200-day (blue).
Nevertheless, it’s unclear how long a trend like this might remain, but if ETH can overcome the $1,700 resistance mark, things might last a little while longer.
With what Ethereum has planned for the future, there is a significant probability that this will happen.
As previously mentioned, it is now waiting for the Shanghai upgrade, which is scheduled for release at the end of March or at the beginning of April.
The withdrawal of staked ETH will be possible in Shanghai.
While some claim that the update will increase selling pressure, others contend that it will instead have the long-term effect of luring more institutions into the Ethereum ecosystem.
The ability to withdraw staked ETH will ultimately be beneficial for the coin because it reduces the risk associated with staking for users by ensuring that their money can be obtained quickly.
Shanghai also provides the technical foundation for upcoming Ethereum updates, such as sharding, which will significantly improve scalability once it goes live (most likely next year).
There are still more reasons to be upbeat about the future of the altcoin, even though this is already positive for ETH.
For starters, after the Merge in September of last year, combined with the prior EIP 1559 upgrade, the coin has started to deflate (which results in the burning of fees).
Moreover, given that it frequently burns more tokens than it creates, ETH has a propensity to become deflationary during moments of high traffic.
The bull argument for ETH is strengthened by this, but so does recent adoption-related news.
Most significantly, Coinbase said last month that it would be releasing Base, a layer-two sidechain for Ethereum.
The fact that Coinbase wants to use Base to “onboard 1B+ individuals into the crypto economy” 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 piece of good news for Ethereum.
This means that, if combined with the Coinbase announcement, the majority of large companies will ultimately choose Ethereum if they choose to 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 wind up increasing to $2,000 by the second half of the year and then perhaps hitting $2,500 at the beginning of 2024.
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