Ethereum has emerged as one of the strongest performing crypto assets in the first quarter of 2023. After the crypto price slump towards the end of last year due to the collapse of the FTX project, investors' sentiments rapidly changed. This sent the crypto market into parabolic growth and by the end of Q1 2023 Ethereum was trading around $1,800 with a 49% increase in overall value. Ethereum also beat out other traditional assets, with a 57% increase in overall value Year-to-Date.

One crypto analyst described Ethereum as "breaking out" and pointed to a critical resistance area between $2,100 and $2,150 where 203.1K addresses had purchased 18.44 million ETH coins.

It must be noted that the upcoming Ethereum Shanghai upgrade set for April 12 this month could potentially cause havoc on Ethereum's price. This upgrade will allow users to withdraw their staked ETH for the first time, and with a whopping 18.04 million ETH currently worth approx. $33.87 billion, it's no surprise many are worried about selling pressure on the asset class post-upgrade. Despite this potential issue, Ethereum is still a powerful crypto asset and a strong reminder of its potential in the digital economy.



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