ETH Regain $1,300, Shanghai Upgrade

Ethereum Price Prediction News: As part of the crypto rebound, the Ethereum (ETH) ecosystem tokens also saw some impressive gains. This could potentially be due to the upcoming Ethereum Shanghai upgrade which could be rolled out in March 2023. In the last few days, LIDO DAO, the token behind staking protocol Lido, went up by a whopping 60%. The upgrade will allow traders to unstake their ETH assets, which is driving the rise in interest in the token.

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Similarly, Rocket Pool (RPL), another Ethereum staking pool, saw huge interest from traders. As of writing, the RPL token is up by $25.69, down 1.21% in the last 24 hours. The Shanghai upgrade will enable ETH withdrawals on the Beacon Chain. In this context, there is hope that the lead up to the upgrade will bring more demand for Ethereum (ETH). This comes at the backdrop of ETH price not rising as per expectation when The Merge was completed in September 2022.

ETH Recovery To Continue?

Meanwhile, the ETH price appears to be more on the bullish side currently than it stands chance of further reduction from current range. This is because several indicators point to potential upside to the cryptocurrency’s price. On chain data is hinting at ETH currently being in the bottom range. In the recent times, the Ethereum exchange inflow has seen a peak, which is a clear signal of price bottom.

Also, the ETH price is yet to price in the development it saw in the form of The Merge, which was a significant upgrade. Overall, the environment is more likely in favor of a price jump from current level for Ethereum. As of writing, ETH price stands at $1327, up 0.50% in the last 24 hours, according to CoinGape price tracker.

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Anvesh reports major developments around crypto adoption and trading opportunities. Having been associated with the industry since 2016, he is now a strong advocate of decentralized technologies. Anvesh is currently based in India. Follow Anvesh on Twitter at @AnveshReddyBTC and reach him out at [email protected]

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.