Ethereum (ETH), a cryptocurrency used for decentralized finance (DeFi), has regained ground in 2023 thanks to the market’s overall upswing and an increase in network development activities. In fact, the crypto community is anticipating how ETH’s price will develop over the next several days as significant network milestones loom.
The community has thus presented some ETH price trend predictions.
The community estimate is based on votes from 1,754 members, according to data gathered by Finbold on February 8; the price represents a correction of more than 7% from the ETH’s price at the time of posting.
Comparing the community prediction to a forecast made by a machine learning system at PricePredictions, consolidation is really predicted. The forecast stated that on February 1st, 2023, ETH will trade at $1,582.
By taking into consideration prior forecasts, the community accounts for a sixth-month average accuracy rate of 82.53%.
ETH wants to build on potential optimistic feelings from last year’s Merge upgrade, which switched the network to a proof-of-stake (PoS) protocol. The community has expressed bearishness for ETH’s price trend. In March, when the Shanghai hard fork is anticipated to go live, Ethereum investors want to start withdrawing their pledged ETH.
Following the activation of the Zhejiang testnet, stakers are testing the withdrawals function in the interim. Overall, the Shanghai upgrade may have some effects on the value of ETH as well as the beginning of a potential explosion in the popularity of staking among investors hoping to earn income.
Although the full effects of the update have not yet been fully assessed, Ethereum’s network activity has increased. It’s interesting to note that despite the network’s gas prices continually rising since the Merge, activity has not been hampered by them.
Aside from network enhancements, Etheruem will try to increase institutional use of its services in order to gain momentum.
Analysis of the price of ether
On the weekly chart, Ethereum is up more than 5% and is currently trading at $1,674. It has increased by about 3% over the past 24 hours.
The summary of the Ethereum one-day technical analysis continues to be bullish at 14, with a buy recommendation. Moving averages have a “strong buy” gauge of 14 and oscillators have a “sell” gauge of 2.
Overall, despite potential setbacks like the high gas costs, Ethereum is supporting an optimistic narrative.