The cryptocurrency sector has been facing many challenges lately, but Ethereum, the second-largest cryptocurrency by market capitalization, seems to be gaining strength once again. In fact, over the previous week, Ethereum (ETH) has experienced an impressive 13% increase in price, currently worth more than $1,700.
#Bitcoin x 4h (Update)✍️
Price closed back below $25k, expecting some sideways PA + sweep of local high.
If we get any pullback ~ $23k & $22.2k area is where we can expect some bounce.
Weekly close is what we should keep an eye on
1/4 #crypto #btc pic.twitter.com/5b7tou1Dbm
— Mags (@thescalpingpro) March 15, 2023
However, its upward rally might be attributed to several positive factors, including the upcoming Shanghai upgrade, positive crypto market mood, US support for crypto-friendly institutions, and the increased interest in digital assets due to the CPI data.
As of now, the price of Ethereum stands at $1,682.11, with a trading volume of $15,558,576,261 in the past 24 hours. While there has been a 0.52% decrease in the last day, Ethereum is still resiliently above the $1,600 threshold.
With the Shanghai Upgrade and other positive market factors in play, it is possible that Ethereum could reach $2,000 in the coming week.
Upcoming Shanghai Upgrade: A Key Driver of Ethereum’s Bullish Rally
The upcoming Shanghai Upgrade plays a key role in Ethereum’s current strong momentum. This upgrade is expected to enable customers to withdraw staked ETH, making it easier and less risky to invest in Ethereum.
Furthermore, it paves the way for future upgrades to the Ethereum blockchain, including sharding, which is expected to significantly enhance scalability when it is eventually implemented.
Following the Merge, there’s still a long road ahead for Ethereum, including the upcoming Shanghai upgrade.
Today On the #Ledger, @Mo_RELS discusses how to scale Ethereum without compromising on security with our CTO @P3b7_ & @AaveChan founder @lemiscate: https://t.co/uBMxK3sb5u pic.twitter.com/pkTqdY0g4K
— Ledger (@Ledger) March 14, 2023
Hence, the upcoming Shanghai Upgrade will improve network efficiency and security. This improvement is likely to positively impact ETH prices as it increases the network’s usability and appeal to users.
Upbeat Crypto Market & Bitcoin Price Rises Boosting ETH Prices
The Ethereum price surge is attributed to the upcoming Shanghai Upgrade and the positive sentiment in the overall cryptocurrency market. Bitcoin’s sharp rise has also played a significant role in boosting Ethereum prices, as Bitcoin’s upward trend often has a spillover effect on other cryptocurrencies like Ethereum.
The global crypto market has been performing well, with a 24-hour increase of 1.52 percent, reaching a value of $1.10 trillion. This has led to Ethereum breaking the $1,700 mark for the first time, along with other cryptocurrencies like Dogecoin, Solana, Litecoin, and Ripple seeing price increases.
Moreover, the UK government’s support of Silicon Valley Bank has positively impacted market investment activity, which bodes well for the future of Bitcoin. Over the last seven days, Bitcoin has already experienced a significant price boost, and if macroeconomic conditions remain favorable, prices are expected to continue to rise.
CPI Data Sparks Interest in Digital Assets
On the other hand, the recent surge in Ethereum’s price can also be attributed to the release of the Consumer Price Index (CPI) data and the financial industry’s continued recovery.
The CPI measures the average change in prices for goods and services purchased by households, and the 0.4% increase in the last month has caused turbulence in traditional markets.
*WHAT DO YOU THINK TODAY'S U.S. CPI NUMBER WILL BE?
*PREV. 6.4% Y/Y (JAN.)
*EST: 6.0% Y/Y (FEB.)
— Investing.com (@Investingcom) March 14, 2023
However, the crypto market reacted positively to the data, indicating that investors increasingly consider digital assets as a potential hedge against inflation.
Flat US Dollar May Help ETH Rally
The US dollar, which is broadly used, showed little movement and stayed close to a one-month low following the expected release of the consumer inflation figures for February. However, the core CPI inflation rate was slightly higher than anticipated, indicating that inflation pressures were still present.
Dollar flat this morning after US inflation remains far from Fed’s 2.0% target. Markets believe Fed will hike by 25bps next week despite the stress in the US banking system. https://t.co/0Ai6tmY48P#Inflation #USdollar #Markets #USBankingSystem #SiliconValleyBank pic.twitter.com/d5tFBTEKhh
— Andre Cilliers (@andre_treas1) March 15, 2023
The recent US consumer inflation data could increase pressure on the Federal Reserve to tighten monetary policy. However, investors believe that economic conditions may limit the Fed’s ability to raise interest rates, which could lead to a weaker US dollar.
This weaker dollar could potentially benefit Ethereum, as it may lead to an increase in its value. The upcoming release of US producer price inflation and retail sales data may provide further insight into the state of the economy before the Fed’s meeting.
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Love Hate Inu (LHINU)
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The game’s native token $FGHT is selling at $0.028, and the presale has raised more than $5.5 million.
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