Ethereum Price Prediction as ETH Pumps Up 4.5% in 24 Hours – Where is the Next ETH Target?

cryptonews.com:

The Ethereum price has risen by 4.5% in the past 24 hours, with its surge to $1,669 happening as the cryptocurrency market recovers from its weekend selloff.

Its current price means that it has risen by 6.5% in a week and by 8% in the last 30 days, with the altcoin also up by 39.5% since the start of 2023.

And with ETH being possibly the most fundamentally sound coin in the market, it has every chance of enjoying further gains as the year progresses. 

Indeed, with the upcoming Shanghai upgrade, and with the coin becoming deflationary post-Merge, there could be a rush into it in the coming months.

ETH's chart is painting a bullish picture at the moment, with its relative strength index (purple) jumping up to 60, having being at an oversold 30 a few days ago.

In addition, the coin's 30-day moving average (red) has begun rising further above its 200-day (blue), indicating the emergence of a new bullish trend.

Of course, it's not clear for how long such a trend may last, although if ETH can break through the $1,700 resistance level things may continue a little while longer.

There's a good chance of this happening, given what Ethereum has on the horizon.

As noted above, it's currently awaiting the Shanghai upgrade, which is due at the end of this month, or early April.

Shanghai will enable the withdrawal of staked ETH.

While some have argued that the update will result in a surge of selling pressure, others have suggested that the long-term effect will be to attract more institutions to the Ethereum ecosystem.

The ability to withdraw staked ETH will ultimately be a positive for the coin, since it de-risks staking for users, assuring them that their funds can be easily withdrawn.

At the same time, Shanghai also provides the technical