Decentralized finance (DeFi) asset Ethereum (ETH) has reclaimed key positions in 2023 with assistance from the overall market rally and increasing network development activity. Indeed, the crypto community is looking forward to how ETH’s price will play out in the coming days amid lingering crucial network milestones.
Therefore, the community has fronted possible ETH price trajectory scenarios. In particular, a crypto community at CoinMarketCap, through the price estimate feature, projects that Ethereum is likely to trade at an average price of $1,542 on February 28, 2023.
As per the data obtained by Finbold on February 8, the community projection is based on votes by 1,754 members, with the price representing a correction of over 7% from the ETH’s price at the time of publishing.
Indeed, the community prediction points to consolidation compared to a forecast by a machine learning algorithm at PricePredictions. Per the projection, ETH was to trade at $1,582 on February 1, 2023.
The community accounts for a sixth-month average accuracy rate of 82.53% by factoring in past predictions. The latest accuracy rate for January 2023 stood at 89.879%.
Ethereum’s bullish catalyst
As the community expresses bearishness for ETH’s price movement, the asset seeks to build on the possible bullish sentiments from last year’s Merge upgrade that transitioned the network to a proof-of-stake (PoS) protocol. Currently, Ethereum investors are aiming to start withdrawing their staked ETH in March when the Shanghai hard fork is expected to go live.
In the meantime, stakers are trialing the withdrawals feature following the Zhejiang testnet activation. Overall, some of the implications of the Shanghai upgrade will be the start of a possible boom in the popularity of staking among investors looking to earn yield and likely impact the value of ETH.
Although the full impact of the upgrade is yet to be determined, Ethereum is witnessing increased network activity. Interestingly, the activity has not been weighed down by the network’s gas fees, which have spiked steadily since the Merge.
Away from the network upgrades, Etheruem will aim to build momentum from the institutional adoption of its services. Finbold reported that the latest ETH developments involving institutions would see Russia’s Sberbank launch and Ethereum-based DeFi platform mid-year.
Ethereum price analysis
Ethereum is changing hands at $1,674, having rallied by almost 3% in 24 hours, while on the weekly chart, ETH is up over 5%.
Elsewhere, Ethereum one-day technical analysis remains bullish, with the summary opting for the ‘buy’ sentiment at 14. Moving averages are for ‘strong buy’ gauging at 14, while oscillators are for ‘sell’ at 2.
Overall, Ethereum is fuelling a bullish narrative despite possible downturns such as the high gas fees.
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