Ethereum’s price has been displaying significant strength ever since the platform made the transition from Proof-of-Work to Proof-of-Stake and merged the Beacon chain with the mainnet. However, the positive events did not prevent the price from marking a 3-digit bottom, which further triggered a massive recovery. Presently, the ETH price is following a decent upswing, which is believed to prevail until it marks the interim target at around $2200.
It is believed that the ETH price is usually prone to ‘buy the rumor and sell the news’ as it underwent a massive plunge after the rollout of ETH 2.0 in December 2020 and the merger in August 2022. However, it has to be noticed that the price soared each time before the event and plunged after the rollout. Now that the prices have soared significantly, the ‘Dejavu moment may possibly occur.
Here is the higher time frame trade set up for the Ethereum price, which is expected to trigger both the short-term bulls and the long-term bears. The price is believed to witness a notable dump soon after the upgrade, not due to the stake ETH withdrawals but the non-stakers. The market participants who have not staked their ETH are expected to create significant selling pressure and drag the prices lower to buy them at lower prices.
Therefore, a dump is expected to lower the price to close to $1600 or even below, where-in the traders may jump in to accumulate. With a strong influx of liquidity, the price is expected to shoot high, surpassing all barriers, and marking new highs for the year. Hence, the Ethereum (ETH) price prediction for 2023 at the moment appears to be around $2800 to $3200.
Source: https://coinpedia.org/price-analysis/ethereum-price-prediction-2023-heres-where-eth-price-may-reach-after-the-shanghai-upgrade/