Cryptocurrencies have become an increasingly popular asset class for investors in the past few years. Bitcoin, the leading crypto asset, had a strong performance in the first quarter of 2021, increasing in value by over 70%. Ethereum, on the other hand, has surpassed Bitcoin's performance in the last week due to the excitement surrounding the scheduled hard fork upgrade in Shanghai, scheduled for April 12th.
To add further excitement around the Ethereum market, Inmortal, a pseudonymous crypto expert, suggested that Ethereum could surge by over 170% beyond its current value of $1,875, setting a new all-time high. Already, the price of Ethereum has been on the rise in March, almost mirroring Bitcoin's performance before hitting a resistance at $1,930.
The concept of cryptocurrencies such as Bitcoin and Ethereum being seen as safe-haven assets in case of a US economic downturn has also attracted investors. Historically, April is a great month for cryptocurrency investing, which has made more investors gain confidence in the crypto market and has also increased their bullishness over the next few weeks where new all-time highs may be seen.
The Ethereum hard fork called Shapella is also set to go live soon which has further increased investor interest. After the upgrade, a temporary sell-off event is expected to take place that would enable stakeholders to withdraw their vested tokens from Ethereum's proof-of-stake (PoS) smart contract. This has also made Ethereum's dominance over cryptocurrencies stronger and further strengthened the bullish Ethereum setup in comparison with Bitcoin. Moreover, both Bitcoin and Ethereum have been in a state of equilibrium this week as the entire crypto market continues to show positive signs.
It is generally believed that investing in Ethereum should be a wise long-term decision. Most crypto experts predict a significant increase in its value with most of their long-term forecasts turning out to be bullish. Coincu’s price analysis has also suggested that in a bull run Ethereum's price could move past the $2,400 mark. However, the veracity of this assessment will only be known in light of the Shapella upgrade.
Gabriel Gray
- 2023-04-06
Ethereum Price Surge Expected With Upcoming Hard Fork
Cryptocurrencies such as Bitcoin & Ethereum have become increasingly popular asset classes for investors in the past few years. Ethereum, in particular, is garnering more attention with the upcoming hard fork upgrade in April. Let’s look at the long-term price analysis and the major factors behind Ethereum’s bullish set up.
