The price of Ethereum (ETH) is currently recording gains for the year of about 30%, which the flagship cryptocurrency has accomplished in just three weeks. In spite of the fact that there are a few bearish indications that occur along the levels of lower timeframes, bulls have nevertheless managed to maintain their dominant position.
Ethereum’s Key Metric Hit ATH
In the past several weeks, ETH has been on a tear, skyrocketing from a price of roughly $1,200 to a recent high of $1,568. This has been an incredible run for the crypto with the second-highest market capitalization. Since the beginning of January 2023, the price has increased by more than 32%, and it is currently consolidating above important support levels. The trading volume for Ethereum has dropped by more than 14% in the past twenty-four hours, which suggests that there is not a significant amount of purchasing pressure at the current levels.
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However, the upgrade to Ethereum Shanghai is something that holders of ETH are eagerly awaiting because they anticipate it to propel the price of the coin to new heights in the crypto market. It is expected that the Shanghai fork will become operational in March of 2023. And, according to the latest update, the total value in the ETH 2.0 deposit contract just reached an all-time high of 15,513,575 ETH.
#Ethereum $ETH Total Value in the ETH 2.0 Deposit Contract just reached an ATH of 15,513,575 ETH
View metric:https://t.co/SzbMPqvhlb pic.twitter.com/aqAknJ5oGi
— glassnode alerts (@glassnodealerts) January 28, 2023
Ethereum (ETH) Price Surge
Now, this comes as a crucial metric, which determines the growing trust of market participants in the leading blockchain network. This, in turn, presents a bullish scenario for the altcoin king in the long-term prices. Also, on a lower timeframe, if the Federal Reserve comes out with more dovish rhetoric in response to the fact that some data points are indicating inflation to drop, a turnaround in the monetary policy could occur. That would indicate that the market was correct, and it would lead to an increase in people’s appetite for risky assets. The price of ETH could possibly break past $1,688 and even surge toward $1,928, but it might stop just short of the psychological $2,000 milestone.
This has been echoed by industry stalwarts like Michael van de Poppe, a prominent crypto analyst, who is of the opinion that ETH can continue rallying towards $1,700-1,730 before facing any sort of rejection. Even pseudonymous trading guru, Rekt Capital, opines that Ethereum (ETH) price is inching closer to a massive breakout.
$ETH is getting very close to confirming a breakout beyond the multi-month downtrend#ETH #Crypto #Ethereum pic.twitter.com/sT2Ud5PWgF
— Rekt Capital (@rektcapital) January 28, 2023
As things stand, the price of Ethereum (ETH) is currently being traded at $1,579.54. This represents a decrease of 0.62% in the past 24 hours, in contrast to its 4.70% dump during the last seven days, as per CoinGape’s crypto market tracker.
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