Ethereum Price Prediction - ETH to $2k? Why Upgrades and Staking Will Keep Price on Upward Trajectory
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Ethereum is currently on an interesting upward trajectory. After reaching the $1,400 mark, the crypto asset is now aiming for the $2,000 milestone. And, with the upcoming Shanghai update, this could be a possibility.
ETH has had an impressive few days. The digital asset entered Thursday by breaking through the $1,400 mark for the first time in two months. The asset is up by 4.35% in the past 24 hours, and ETH has beaten the broader market and its 2.58% increase in the same period. At press time, ETH is holding strong at $1,401.
On the technical front, ETH is doing quite well. Its recent price surge gave it enough momentum to cross all its moving average (MA) indicators – from the 10-day MA of $1,399 to the 200-day MA of $1,357. Short-term MA metrics are gaining on ETH, but a sustained rally should keep the asset's value above these metrics for the time being.
With a positive moving average convergence divergence (MACD), ETH is giving off a buy signal. And the asset's relative strength index (RSI) of 41.13 indicates that ETH isn't overbought.
ETH's gains can be primarily attributed to the recent increase in positive market sentiment surrounding crypto. As many believe that the Federal Reserve should cut interest rate hikes this month, crypto prices have sharply increased.
However, an additional reason for positive sentiment surrounding ETH is the coming Shanghai upgrade. The upgrade will allow investors who staked ETH in the Ethereum Beacon Chain to be able to withdraw it finally. And for many of these investors who have been unable to access their funds since the Ethereum Merge
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