Ethereum Price Prediction – Why ETH Has Retaken $1,300 and Shanghai Is So Important
Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com
After approaching the $5,000 price peg in 2021, Ethereum struggled for most of 2022. Despite this, Ethereum remains a significant player in non-fungible tokens (NFTs), decentralized finance (DeFi), and even metaverse ecosystems.
Ethereum is one of the biggest gainers in the crypto market today. The asset recently clinched another major price milestone, with the possibility of earning even more gains going forward. However, with a major upgrade to the Ethereum network on the way, how do the asset’s prospects look?
ETH Price Action
At press time, ETH trades at $1,319. The digital asset’s price is up by 2.29% in the past 24 hours, which is in line with the broader market’s gains, which have hit 3.4% in the same period.
The gains available in ETH have also led to a bolstering of its technicals. ETH is still trailing its short-term moving average (MA) indicators, especially the 20-day MA of $1,321. However, its price has also extended its lead over the long-term MA indicators, especially the 200-day MA, which stands at $1,299.
With a positive moving average convergence divergence (MACD), ETH gives off a strong buy signal. And its relative strength index (RSI) of 50.95 shows that the asset isn’t overbought just yet.
Shanghai Update On the Way
While the rise in the value of ETH appears to be driven by improved market dynamics, investors are also quite excited about the upcoming Shanghai upgrade.
Shanghai is a major upgrade to the Ethereum blockchain that will make it possible for investors who staked their ETH to withdraw it. The upgrade is the next major step in the Ethereum development roadmap. It will allow ETH to finally deliver value to its investors and validators who staked the token when the Ethereum Merge happened back in September.
Another important development with Shanghai is expected to be the introduction of “proto-danksharding,” which will optimize layer-2 rollup scalability ahead of the full implementation of the major Sharding upgrade later this year.
Speaking at the latest Ethereum Core Developers Meeting last month, popular Ethereum contributor Tim Beiko confirmed that they are working towards a launch for Shanghai in March.
So, with a good view on where things are at for withdrawals, we spent the rest of the call discussing how to approach Shanghai and the various CFI'd EIPs: https://t.co/INHM7oNnDc— timbeiko.eth ☀️ (@TimBeiko) December 8, 2022
While he added that not all upgrade features might be ready on time, the developers focus more on ensuring that validators and investors can at least withdraw the ETH they staked on the Beacon Chain.
New Presales Deliver Impressive Value
Although the Shanghai upgrade isn’t expected for a few more weeks, ETH investors would be excited about it. However, as many of them continue to wait, several other digital assets can deliver value.
Dash 2 Trade (D2T)
One such name is D2T. The asset is the native token for the Dash 2 Trade platform, allowing crypto market investors to access high-quality research and analytics on the go. Dash 2 Trade is banking on the influx of investors into the crypto space in the coming months, and the platform is providing a way for them to access features such as a strategy builder, signals, and even social trading.
🚨ATTENTION #D2T COMMUNITY🚨— Dash 2 Trade (@dash2_trade) January 9, 2023
🔥Only 2 days left until the exchange listings!🔥
The first CEX launch will go live on Wednesday 11th Jan 2023!!
Confirmed CEX listings:
Stay tuned 🚀 pic.twitter.com/PQg16FRh4K
With D2T, Dash 2 Trade’s users will be able to make payments for the platform’s services and participate in the many community initiatives launched by its developers.
The digital asset’s presale has raised over $14.78 million and is set to end in two days.
Fight Out (FGHT)
Investors can also keep an eye on FGHT. The coin powers Fight Out – a new and innovative move-to-earn platform that incentivizes users to be physically fit and active.
Fight Out allows users to access training videos and workout routines that focus on different areas of their fitness and pays users for keeping fit. The more a user works out, the more they earn.
FGHT is used to pay for Fight Out’s services. The crypto asset can also be used to purchase REPS – Fight Out’s in-app currency, which can be redeemed for benefits such as discounts on subscription fees.https://www.twitter.com/FightOut_/status/1612403892171542528?s=20&t=Yr1z1tJxH_56V8pR5TMs3g
FGHT is currently available for presale and has raised over $2.79 million. The presale intends to raise $10 million, and the demand for FGHT suggests it could do so.
The token is priced at 60.06 FGHT for 1 USDT, with Fight Out’s developers expecting to sell up to 60% of the total FGHT supply.