As the crypto industry enters 2023, Ethereum (ETH) is the second biggest cryptocurrency by market capitalization, and despite a successful Merge upgrade in 2022, investors are still interested in Ethereum to see what it has in store for the new year.
Looking further ahead, the machine learning algorithms at the crypto monitoring portal PricePredictions predict that the price of Ethereum will be $1,315 on January 31, 2023, according to data acquired by Finbold on January 6.
Indicators from technical analysis (TA) indicators, such as the relative strength index (RSI), Bollinger bands (BB), moving averages (MA), moving average convergence divergence (MACD), and others, the platforms artificial intelligence sees a 5.1% increase by the end of the month.
Ethereum price analysis
Currently, Ethereum is trading at $1,251, up 0.25% in the last 24 hours and a further 1.80% across the previous week, with a total market capitalization of $152 billion.
Despite experiencing a big price correction after the FTX meltdown, the Ethereum price has been doing much better compared to the performance of other cryptocurrencies. It is essential for ETH to continue on its macro upswing, which it has been sustaining, in order for it to recoup from its losses.
Ethereum technical analysis
TradingView’s technical analysis indicators on 1-day gauges are seemingly bullish. The summary of the gauges aligns with the ‘buy’ sentiment at 12, while moving averages point to a ‘buy’ at 9. Lastly, oscillators point towards ‘neutral’ at 6.
After the Merge in September 2022, the Ethereum network will undergo another significant upgrade in the form of its Shanghai update in March 2023. The key points include a drop in the gas fee for layers 2 solutions, which has the potential to enable Ethereum usage post-Shanghai both quicker and more cost-effective.
improvements in the storage and retrieval of data, such as the elimination of past block hash data from contracts. Withdrawal of staked ETH, as well as the removal of the contract lock that was placed on staked tokens to enable unstaking.
In spite of the pessimistic narrative that has been circulating about Shanghai from some sectors, there are analysts who believe that the upgrade will be a bullish catalyst for the cryptocurrency, which is now ranked second-largest.
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