• Ethereum (ETH) has seen impressive gains in the start of 2023, reaching a 90-day high of $1,674.
• The crypto community is looking ahead to the Federal Reserve’s decision on interest rate hikes, expecting lower than December’s 50-basis points increase.
• Ethereum is ushering in a new era with the impending launch of the Shanghai upgrade (EIP-4895), transitioning from proof-of-work consensus mechanism to a proof-of-stake one and allowing users to stake 32 ETH to become validators.
Ethereum Price Analysis
Ethereum price analysis indicates potential gains in 2023. After kicking off the new year at $1,192, ETH surged to a 90-day high of $1,674 on Jan. 21 representing an increase of 40.43% YTD (year-to-date). As of Jan. 30, ETH was trading at $1,572.
Factors Affecting Ethereum Price
Ethereum has become the go-to platform for developers entrepreneurs and investors due to its wide range of capabilities such as decentralized finance (DeFi) gaming and data storage. With this in mind what will be the defining factors determining Ethereum’s future?
Upcoming Ethereum Upgrade
Ethereum is ushering in a new era with the impending launch of the Shanghai upgrade (EIP-4895). After their September 2022 upgrade dubbed The Merge Ethereum transitioned from proof-of work consensus mechanism to a proof -of -stake one allowing users to stake 32 ETH to become validators.
Impact On Cryptocurrency Market
The crypto market will be monitoring any potential impact that this may have on digital assets such as Ethereum with Federal Reserve adjusting its policy tools to respond to economic trends.
Outlook For 2023
With various vital themes and questions influencing its path it remains uncertain how ethereum will settle throughout 2023.
