The Ethereum price has experienced a 4.5% increase in the past 24 hours, reaching $1669, as part of the market’s gradual recovery from a recent selloff. In the past week, the altcoin rose by 6.5%, and within the last 30 days, it has increased by 8%, with a 39.5% increase since the start of 2023. As a fundamentally sound coin, Ethereum has significant potential for further gains in the coming months, especially with the upcoming Shanghai upgrade and the cryptocurrency becoming deflationary post-Merge. The altcoin has a bullish outlook with its RSI and 30-day moving average indicating a new bullish trend. Ethereum’s Shanghai upgrade enables the withdrawal of staked ETH, attracting more institutions to the Ethereum ecosystem. Additionally, Coinbase’s launch of its own layer-two sidechain for Ethereum, Base, can onboard more than one billion users into the Ethereum economy, amplifying ETH usage over time. Despite the ongoing banking crisis, Ethereum’s steady rise in the upcoming months may hit $2000 by the second half of 2023, and up to $2500 at the start of 2024. Investors and traders may want to consider other high-potential coins in the market for short-term and long-term gains, even though Ethereum’s rock-solid fundamentals make it a promising investment option.
