The digital currency market has been impressive since the beginning of the year. Ethereum was recently able to achieve price gains of around 50%. This makes it one of the strongest coins in the top 10, with the exception of Bitcoin, Polygon or Solana.
In the past few days, the recovery in the digital currency market has picked up speed again. Ethereum is up around 22% in a week. After a brilliant month of January was followed by a mixed February, the momentum has returned. Thanks to the banking crisis – because it shook trust in the traditional financial sector, while cryptos are currently in much greater demand. We see this in both volume and price development.
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Ethereum price today: ETH consolidating at $1800 – when will $2000 fall?
In the last 24 hours, the Ethereum price has increased by around 2.5%. Over the past week, Ethereum has exploded by around 25% while ETH has posted over 7.5% book gains in a month. Now ETH was trading between $1750 and $1835 on Saturday, currently we are relatively in the middle of this range at $1800. If support holds around $1745-$1750, Ethereum could see further gains. According to crypto trader Michael van de Poppe, a pullback to $1600 could also be particularly exciting, which he identifies as an exciting price level for building a long position.
If Ethereum consolidates above $1800, a quick price surge to $1880 could follow before attacking $2000. The current momentum fuels hope that we will reach such a price level in the first half of the year.
Shanghai upgrade on April 12: Ether withdrawals become possible
The developers of Ethereum are currently working intensively on improving the network and have scheduled the Shanghai hard fork for April 12th. This upgrade enables withdrawals from the Beacon Chain staking contract and includes a total of five different EIPs. Although the upgrade could increase selling pressure on Ethereum in the short-term, the market could absorb much of the selling pressure. The biggest danger lies in the psychology of Ethereum holders, as a panic sell-off could trigger the correction in the first place. However, once withdrawals are possible, this could have the opposite effect in the medium term and drive demand for Ethereum staking.
After all, staking is already becoming increasingly popular.
One could now assume that there will no longer be a very large pump before the Shanghai upgrade, with the exception of other banks crashing or quantitative easing picking up again. However, if the sell-off does not take place and there is no correction during the upgrade, there is a good chance that Ethereum will subsequently experience a sustained price increase. Setbacks seem to be buying opportunities if you want to achieve a positive return in H1 2023.
Invest in Ethereum now?
Cryptos are currently enjoying great popularity. More and more investors are turning to the digital currency market, which has recently outperformed traditional asset classes significantly. Ethereum remains exciting, but was recently unable to assert itself against BTC. The ETH/BTC ratio recently fell significantly. Ethereum had to give up a support here. Admittedly, there now seems to be further downside potential. Bitcoin seems to be the safer bet in the short term, Ethereum could also promise an attractive CRV as a trade in the event of a trend reversal.
At the same time, the demand for Ethereum continues to increase. The number of non-zero addresses has now reached a new all-time high.
In Ethereum’s recent correction phase, crypto whales have taken their chance to massively increase their exposure to ETH. A crypto analyst named @Ali observed Ethereum addresses with 1,000 to 10,000 ETH buying up around 400,000 ETH during the correction move. This development gives reason to hope that crypto whales will support a sustained price increase.
The behavior of crypto whales is crucial as they hold significant power in the crypto market due to their large reserves of capital. When they start investing in a certain cryptocurrency, it can significantly affect the price and also encourage other investors to follow the smart money.
If you are not convinced of Ethereum or have a preference for coins with a smaller market capitalization, it is worth taking a look at crypto presales in March 2023 as well. The Meme Coin Love Hate Inu (LHINU) or the Move-2-Earn Cryptocurrency Fight Out (FGHT) are currently generating bullish momentum and could explode soon. Last chance to get in early.
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Author: Daniel Robrecht
After studying law and management, Daniel decided to work as a freelance author and has been writing qualitative publications on various specialist topics for around 10 years now. As an investor, he gained years of experience with stocks & cryptocurrencies. In addition to a long-term investment approach, Daniel is also passionate about short-term markets. Through targeted further training at international universities, he has acquired extensive knowledge about the capital markets, stocks, cryptocurrencies and decentralized finance. Daniel’s primary focus is on general market trends, exciting stocks, business news and the digital currency market. In his private life, too, there is never a day without the financial markets. As an author, Daniel writes for leading German-language publications in this field. Daniel publishes for Finanzen.net, among others, Business2Communityand FXStreet.de. Daniel on LinkedIn.
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