Ethereum (ETH) struggled most of 2022 after nearing the $5,000 price peg in 2021. The foremost smart contract network’s stunted growth was largely due to yead transition from proof-of-work (PoW) to proof-of-stake (PoS) due to technical difficulties. Despite this, Ethereum maintained a strong presence in non-fungible tokens (NFTs), decentralized finance (DeFi), and even the metaverse ecosystems.<\/p>\n
With this year just beginning, Ethereum seems set for a phenomenal 2023. Below, we consider some of the major fundamental strengths of the ETH token, its technical performance, and alternative projects value-facing investors can key into this year.<\/p>\n
2022 was a tough year for the emerging crypto industry<\/a>, and the Ethereum development team’s forestalled PoS migration compounded an already poor situation for the ETH token. After making a record rally to the north of $5,000, the Ether price slipped alongside Bitcoin following an industry-wide incident and the pressures of global economic issues.<\/p>\n ETH slipped to a 52-week low of $1,148, losing over 57% of its previous record value. This year, the Ether token is starting on a strong footing as the digital asset has already clocked a week’s increase of 10% with a 30-day breakout of 4.5% so far. This change in fortune has largely been due to recent developments in the Ethereum ecosystem<\/a>.<\/p>\n According to recent reports, the Ethereum network is expected to launch another upgrade to its PoS protocol called Shanghai. This will allow users who have staked their Ether in the last two years to withdraw their funds come March 2023. With staked ETH now unlocked, users can participate in liquidity-providing platforms, thereby increasing their expected turnouts on investment.<\/p>\n