As the bullish rally on the cryptocurrency market, which started with the year’s turn, is beginning to slow down, crypto traders and investors are trying to deduce where the price of Ethereum (ETH) could be standing by the end of the second month of 2023.
With this in mind, Finbold consulted the cryptocurrency tracking platform PricePredictions and its machine learning algorithms, which at press time project that the price of Ethereum will amount to $1,555 on February 28, 2023, according to the data retrieved on February 1.
Taking into account technical analysis (TA) indicators, such as moving averages (MA), moving average convergence divergence (MACD), Bollinger Bands (BB), relative strength index (RSI), and others, this means the algorithm sees Ethereum trading 1.27% lower from its current price of $1,575.
As for TradingViews’s technical analysis indicators in terms of sentiment on 1-day gauges, they are still largely undecided – their summary in the ‘neutral’ zone, which is the result of oscillators indicating ‘neutral’ at 8 but moving averages actually suggesting ‘buy’ at 9.
Bullish factors for Ethereum
As always, the price of any digital asset is largely influenced by the developments surrounding its ecosystem, as well as the atmosphere of the wider crypto market and macroeconomic landscape around the world, and Ethereum is no exception.
For instance, one of the developments that could help Ethereum start a new bullish rally in the near future is the launch of the long-awaited Shanghai mainnet shadow fork in March, which would test the readiness of ETH staking withdrawal capability.
In preparation for the formal launch of the shadow fork, the Zheijang public testnet is set to go live on February 1, followed by the Shanghai and Capella testnets six days later, triggered at epoch 1350, as confirmed by Ethereum Foundation developer Parithosh Jayanthi.
At the same time, Ethereum has been adding close to 130,000 new unique addresses every day since January 1, 2023, reaching an all-time high (ATH) of 221 million, demonstrating a steady increase in on-chain activity and engagement, as Finbold reported on January 30.
Ethereum price analysis
Meanwhile, Ethereum is currently changing hands at the price of $1,575, which represents a decrease of 0.06% on the day for the asset but still an increase of 1.18% across the previous seven days, adding up to a gain of 31.21% on its monthly chart.
With a market capitalization of $192.48 billion, Ethereum remains the second-largest cryptocurrency by this indicator, just below the flagship decentralized finance (DeFi) asset Bitcoin (BTC) and its market cap of $445.34 billion.
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