Ethereum Price Prediction: Could a Successful Shanghai Upgrade Drive ETH's Price Up?

Ethereum Price Prediction: Could a Successful Shanghai Upgrade Drive ETH’s Price Up?

Updated: 20 June 2023

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An April 9th Twitter poll by crypto media outlet Coin Bureau shows that ETH investors won’t have much to celebrate when the Shanghai upgrade goes live on Wednesday 12th.

When asking respondents how Ethereum’s latest upgrade will affect its price, 44.8% predicted it would decrease. Among the 7,553 respondents, 23.5% expected an increase, while 31.7% predicted no change.

The impact the Shanghai upgrade will have on $ETH

Concerns about unlocking nearly 18 million staked ETH – approximately 15% of the total supply prompted the bearish forecast. But a successful upgrade could drive ETH’s price up. It has happened in the past, and everything looks promising for the “Shapella” hard fork. Based on these considerations, here is Ethereun’s price prediction for the coming weeks.

Ethereum Price Prediction

Ethereum’s price is $ 1,887.53, and its 24-hour trading volume is $21.67B, with a market cap of $227.79 B. It dominates 18.84% of the market. In the past 24 hours, the price of ETH has increased by 2.87%, totaling 120.46 million USD in circulation.

As investors look ahead to Wednesday’s Shanghai hard fork, also known as the Shapella upgrade, which will allow them to withdraw their staked Ether for the first time, Ether edged up 0.55% to US$1,859, a gain of 3.62% for the week.

By April 15, 2023, we predict Ethereum’s value could reach $ 2,052.13, rising by 10.89%. The sentiment in the current market scenario is neutral, whereas the fear & greed index stands at 62 (greed).

The price of Ethereum has been volatile over the last 30 days, with 17 of 30 (57%) green days. Considering our Ethereum forecast, now would be a good time to invest in Ethereum.

According to the short-term Ethereum crypto price prediction for 2023, the price could fall to $1,755.53 by April 11 and maybe rebound to $2,529.09 by May 7. Ether’s technical analysis was bullish, with 23 indicators generating upbeat and seven bearish signals.

Ethereum’s Price After the Shanghai Upgrade

While it may have a short-term negative impact on the price of Ethereum, the Shanghai upgrade will be highly bullish for the native token because it will attract more capital to staking and increase the network’s security. At least, according to Ethereum researcher Vivek Raman.

The Shanghai upgrade will be extremely bullish

This upgrade implements EIP-4895, which enables validators to withdraw ETH staked in the Beacon Chain via hard forks. There have been concerns that validators would rush to liquidate their tokens, causing a sudden increase in circulating ETH supply.

Coin Bureau responded with a more optimistic outlook. According to the outlet, ETH withdrawals will be “rate limited by epoch,” and the additional expected sell pressure will be “modest” compared to daily trading volumes. Coin Bureau predicts ETH’s medium- to long-term outlook to improve if new institutional validators stake because of the upgrade.

Ethereum’s Future: What’s Next?

Changing Ethereum to proof of stake is only part of its future. To ensure a successful upgrade, the platform’s developers have systematically analyzed the changes the network needs rather than rushing into changes.

Crypto community members will have less reason to worry about Ethereum once stakers access their ETH. When sharding is introduced, the development team can focus on something even more crucial to Ethereum’s success. Scalability goals will ultimately determine whether Ethereum becomes the future of finance, as many have predicted.

Will The Price Go Up or Down?

The answer isn’t obvious at the moment. Although most forecast sites are optimistic, it’s important to remember that price predictions are often wrong, and prices can fall and rise. You must research the coin or token to determine if a cryptocurrency suits your investment portfolio.

ETH may be a good investment, depending on your risk tolerance and how much you intend to invest. Remember to invest what you can afford to lose because past performance doesn’t guarantee future returns.

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