Traders Prepare for Ethereum Upgrades, ETH Price Gains Momentum
As the Ethereum Shanghai and Capella upgrades approach on April 12, the price of Ether (ETH) has gained bullish momentum despite rumors and regulatory actions against exchanges. On April 5, the cryptocurrency hit a seven-month high of $1,922, indicating the market’s anticipation of the upcoming upgrades.
ETH’s positive price achievements in the seven-day, one-month, and three-month timeframes, despite market volatility, have been notable, with a 59% growth from the year-to-date perspective. Analysts predict that ETH will break resistance levels and hit $3,000 in Q2 2023, as whale accumulation continues to grow.
The uptick in proof-of-stake validation through staking contracts has been bullish for the Ethereum ecosystem. Over 18 million ETH has been staked on the blockchain since Aug. 4, 2021, and liquid staking derivatives have made it easier for people to participate. Lido, the largest single entity in terms of value, has close to one-third of all staked ETH.
The total value locked (TVL) in the Ethereum network is also rising, with TVL reaching $50.8 billion on April 5, nearly reaching the yearly high of $51.4 billion. This indicates that the decentralized finance market is recovering, despite the drop in TVL on March 10 due to regulatory and macro headwinds.
The strength of ETH’s price ahead of the upgrades is evident through increased usage, whale accumulation, and a steady uptick in staking. Traders anticipate continued volatility in the price of ETH with only seven days remaining until the upgrades.
