• Ethereum price surged significantly and is expected to reach interim target at around $2200.
• The Shanghai upgrade is anticipated to bring a slight dip in prices due to ‘sell the news’ effect.
• Ethereum (ETH) price prediction for 2023 appears to be around $2800 to $3200.
Ethereum Price Surge
Ethereum price has seen an exponential rise since the platform transitioned from Proof-of-Work to Proof-of-Stake and merged the Beacon chain with the mainnet. Currently, ETH is following a steady upswing that may take it beyond its interim target of about $2200.
Shanghai Upgrade Anticipated
The upcoming Shanghai upgrade is expected to cause some selling pressure that may drag ETH prices slightly lower but won’t trigger another bearish trend. This could be attributed to the usual ‘buy the rumor, sell the news’ pattern which was observed during previous upgrades like ETH 2.0 in December 2020 and its merger in August 2022.
Short-Term Bulls & Long-Term Bears
ETH’s chart shows potential for both short-term bulls and long-term bears as market participants who haven’t staked their coins are likely to create selling pressure dragging prices down close below $1600 level, where traders can buy them at a lower rate in anticipation of a strong influx of liquidity resulting in soaring prices above all resistance levels setting new highs for 2021.
„Dejavu“ Moment Likely
The “Dejavu” moment can occur when ETH experiences a massive plunge post Shanghai upgrade not due to stake withdrawals but because of non-stakers creating selling pressure on markets dragging down prices temporarily only after which increased liquidity will push them back up again making it one of th emost profitable investments this year available right now!
Ethereum Price Prediction For 2023
Given current market conditions and trends, Ethereum (ETH) price prediction for 2023 stands at around $2800-$3200 range with huge potential upside from current levels if investors play their cards right!