In the previous 24 hours, the price of Ethereum temporarily surpassed the $2,000 barrier. The ETH token last reached this value in August 2022. The ETH price followed the Bitcoin track, which had gone beyond $30,000 for the first time in a long time two days before. Will Ethereum Rally Continues after the Shanghai Update? How high can Ethereum price go? Let’s take a look at it in more detail.
How has the Ethereum price moved in the last few days?
The price of Ethereum has risen beyond $2,000 for the first time since late August. After only a minor gain in the previous several days, the ETH price has increased by about 10.48% in the last 24 hours.
The price followed the Bitcoin price, which surged more than 9% in the previous seven days and surpassed the critical $ 30,000 barrier. Ethereum has been unable to keep up with the recent price spike. However, the Ethereum rally has accelerated in the previous 24 hours. The recent gain is slightly smaller than the Bitcoin growth.
How High Can Ethereum Price Go: Why may the price of Ethereum rise again?
Because of the significant Shanghai update, the ETH price was able to climb. The Shanghai upgrade, commonly known as Shapella, was implemented on the Ethereum mainnet last night. The seamless implementation may have contributed to the growth.
The ETH price has continued to rise in tandem with the Bitcoin price. This had grown earlier in the week from $28,000 to more than $30,000. Ethereum normally experiences price increases a little later than Bitcoin and, after a few days of very small gains, can follow with a larger price boost.
How High Can Ethereum Price Go?
At the present, it appears that the Bitcoin price will continue to grow dramatically in the following days and weeks. Then it shouldn’t be long until the ETH price rises dramatically.
It may reach $3,000 in the second quarter of 2023. In our Ethereum prediction, we discussed potential price objectives. The market is now gaining steam, and a rise above $2,500 is probable in the next weeks. Here are five possible scenarios on how high can Ethereum price go after the Shanghai upgrade:
- ETH price could continue its bullish trend and potentially reach an all-time high above $4,000, with the new upgrade improving the network’s scalability and lowering transaction fees.
- The upgrade could attract more institutional investors to the Ethereum network, leading to increased demand for the cryptocurrency and a potential price surge to $5,000 or higher.
- Increased adoption of decentralized finance (DeFi) applications and non-fungible tokens (NFTs) on the Ethereum network could boost its value significantly, leading to a potential price surge to $6,000 or higher.
- However, regulatory uncertainty and negative news could lead to a correction in the price of Ethereum, potentially pushing its value down to $2,000 or lower.
- Another possible scenario is that the market could remain relatively stable with minor fluctuations, leading to ETH price ranging between $2,500 to $3,500 in the medium term after the upgrade.
- Further Price Increase: ETH price could continue to rise if it maintains its current bullish trend. The increased adoption of decentralized applications (dApps) and non-fungible tokens (NFTs) on the Ethereum network, along with the launch of Ethereum 2.0, could drive demand for ETH and lead to a further price increase.
- Correction: As with any asset, a price correction is always a possibility. If the market sentiment turns bearish or there is a significant market-wide downturn, ETH price could decline. This could be exacerbated by regulatory changes or negative news.
- Increased Adoption: ETH price could see a significant boost if more institutional investors start investing in ETH or more businesses start accepting it as a payment method. A positive regulatory environment could also boost adoption and lead to a price increase.
- Competition: Ethereum faces competition from other smart contract platforms like Cardano, Solana, and Polkadot, which could impact its future price movement. If these platforms gain more adoption, it could impact Ethereum’s market share and limit its price growth.
- Scalability: Ethereum has been working on improving its scalability through the launch of Ethereum 2.0, which could lead to increased adoption and demand for the cryptocurrency. However, if Ethereum is unable to solve its scalability issues, it could limit its potential price growth.
A possible scenario is that the market could experience a major correction, leading to a sharp decline in the price of Ethereum, potentially pushing its value down to $1,000 or lower. However, this scenario is less likely, as the upgrade is expected to improve the network’s fundamentals and increase its value proposition.