Ethereum Price Prediction – Why ETH Has Retaken $1,300 and Shanghai Is So Important

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After approaching the $5,000 price peg in 2021, Ethereum struggled for most of 2022. Despite this, Ethereum remains a significant player in non-fungible tokens (NFTs), decentralized finance (DeFi), and even metaverse ecosystems.

Ethereum is one of the biggest gainers in the crypto market today. The asset recently clinched another major price milestone, with the possibility of earning even more gains going forward. However, with a major upgrade to the Ethereum network on the way, how do the asset's prospects look?

At press time, ETH trades at $1,319. The digital asset's price is up by 2.29% in the past 24 hours, which is in line with the broader market's gains, which have hit 3.4% in the same period. 

The gains available in ETH have also led to a bolstering of its technicals. ETH is still trailing its short-term moving average (MA) indicators, especially the 20-day MA of $1,321. However, its price has also extended its lead over the long-term MA indicators, especially the 200-day MA, which stands at $1,299. 

With a positive moving average convergence divergence (MACD), ETH gives off a strong buy signal. And its relative strength index (RSI) of 50.95 shows that the asset isn't overbought just yet. 

While the rise in the value of ETH appears to be driven by improved market dynamics, investors are also quite excited about the upcoming Shanghai upgrade.

Shanghai is a major upgrade to the Ethereum blockchain that will make it possible for investors who staked their ETH to withdraw it. The upgrade is the next major step in the Ethereum development roadmap. It will allow ETH to finally deliver