Ethereum Price Prediction as Shanghai Upgrade Approaches – Can ETH Hit a New High in 2023?
After hitting its highest level in a little under eight months on Wednesday in the mid-$1,900s, Ether (ETH) is experiencing a modest pullback and was last changing hands in the mid-$1,800s.
On the day, the world’s second most valuable cryptocurrency by market capitalization that powers the world’s most widely used smart-contract-enabled Ethereum blockchain is down a little over 2.0%, according to TradingView.
But the cryptocurrency’s near-term technical outlook continues to look good. ETH has been finding decent support recently from its 21-Day Moving Average, and all of its other major moving averages are on the rise in consecutive order.
The fact that ETH is currently finding decent support in the mid-$1,800s has spurred optimism that an extension of gains in the short-term towards the August 2022 highs just above $2,000 remains a strong likelihood.
Moreover, ETH’s 14-Day Relative Strength Index (RSI) is not yet in overbought territory, suggesting a reduced risk of near-term profit-taking.
Some analysts and traders have expressed concerns that, in wake of a series of key upgrades to the Ethereum blockchain on the 12th of April, ETH could experience some short-term selling pressure.
The so-called “Shapella” upgrade will, amongst other things, allow for the withdrawal of staked Ether tokens.
Most analysts view the development as a long-term positive for the network – it is assumed that more flexible staking withdrawals will eventually attract many more ETH owners into staking their tokens.
But some think ETH could experience either a “sell-the-news” reaction and have warned that there could be short-term price pressures as investors sell ETH tokens that have been stuck in staking contracts for a long time.
ETH staking has been
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