As of Sunday evening, Ethereum is slightly up and trading at $1860. Now it’s an important trading week for ETH. Because the second most valuable cryptocurrency in the world, which is currently still highly relevant for the digital currency market with a dominance of 19%, this week will experience the most important upgrade since the merge in September 2022, which incidentally ended with a massive “Sell the News”. The question just arises as to how traders should position themselves before the Ethereum upgrade. Our Ethereum price forecast for what is probably the most exciting week in 2023:
Meme coin with utility: LHINU better than DOGE & SHIB?
Shanghai Upgrade: The countdown is on, upgrade on April 12th
On April 12, 2023, the Shanghai Upgrade, also known as Shapella, is set to be implemented on the Ethereum blockchain. The upgrade will primarily allow users to withdraw ether from the staking contract, although further improvements will be incorporated into Shapella (Shanghai + Capella). Investors have been focusing on the upgrade for weeks, which could represent a potential price driver for Ethereum. But negative effects are also possible. Theoretically, ether worth almost 35 billion US dollars or almost 16 percent of the total supply could be withdrawn and sold for the first time, because that much ETH is already locked in the staking contract. However, there are practical limitations to the unlock event. While everything points to a successful implementation by the competent developers, there is more uncertainty as to the impact on the Ethereum price prediction.
Short-Term Impact Uncertain: Bull-Run or Sell-off?
The short-term effects of the Shanghai upgrade are uncertain, and it is difficult to predict how market participants will react. Ethereum has developed relatively strongly in the last few days. The bulls managed to outperform the broad market. But this was also possible before the merger, only to come under pressure in a massive sell-off afterwards. One thing seems certain though – fears of massive selling pressure from stakers seem overdone. Because with a daily trading volume, which was mostly between $8 and $12 billion recently, the selling pressure should be largely absorbed. More important will be what market participants price in – if the majority of investors assume selling pressure, even reduce or short ETH positions, a negative price development could become apparent in the style of a self-fulfilling prophecy. Apparently the market hasn’t priced this in yet. Another pump in the direction of the psychological limit of $2,000 also seems conceivable in a technically promising situation.
Don’t forget the macro data: Fed Minutes, banking crisis & US inflation at a glance
Macro data such as unemployment figures, inflation and interest rates are influencing the financial markets and are having a massive impact on the crypto market. Therefore, understanding macro data is crucial for crypto investors and traders – important events are coming up from Wednesday to Friday.
People often ask how long it’ll likely take to get CPI back down to 2%.
That question kind of assumes that once it gets back there, it’ll stay there.
pic.twitter.com/shKTGZduVh
— Lyn Alden (@LynAldenContact) April 9, 2023
On Wednesday, US inflation for March (the Shanghai upgrade day) will be released, also bringing volatility to ETH. The Fed Minutes and the US banks’ Q1 reporting season will follow shortly. Further cooling in inflation could prevent the Federal Reserve from conducting rate hikes, which in turn would be bullish for cryptos. The earnings season is also important in April 2023 as it acts as an indicator of the stability of the banking sector.
Ethereum Alternative: Meme coin with strong bullish momentum – last chance
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Love Hate Inu is therefore an up-and-coming cryptocurrency with a unique concept that skilfully incorporates the hype potential of crypto memes. With a dedicated team and a growing community, LHINU has the potential to bring vote-to-earn to the mass market.
In the past few days, the Love Hate Inu presale has seen a high level of interest. The meme coin with utility has already raised over $3.3 million and the token can be purchased for $0.000105 in a few days. The price increases to $0.000115 in less than five days.
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