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Ethereum Price Prediction: Why has ETH regained $1,300 and Shanghai is so important?

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Investors who staked their ETH will be able to withdraw it due to Shanghai's upgrade to the Ethereum blockchain.

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Ethereum suffered for the majority of 2022 after reaching the $5,000 price peg in 2021. Despite this, Ethereum continues to play an important role in non-fungible tokens (NFTs), decentralized finance (DeFi), and even metaverse ecosystems.

Ethereum is currently one of the top gainers in the crypto market. The asset has achieved another significant price milestone, and more price growth is predicted. How do the asset's prospects seem, however, considering that a significant upgrade to the Ethereum network is emerging?

ETH Price Movement

ETH is now trading at $1,336 at the time of writing. The price of digital asset has increased by 5.58% in the last 24 hours, following the 3.4% rise in the overall market.

The gains attainable in ETH have also resulted in a boost in its technicals. ETH continues to lag below its short-term moving average (MA) indicators, particularly the $1,321 20-day MA. However, its price has increased its edge over long-term MA indications, particularly the 200-day MA, which is currently at $1,299.

ETH emits a strong buy signal with a positive moving average convergence divergence (MACD). Moreover, an RSI of 50.95 indicates that the asset is not yet overbought.

Shanghai Update Coming Soon

Investors are enthusiastic about the forthcoming Shanghai upgrade, even if it seems that enhanced market dynamics are what is driving the increase in the value of ETH.

Investors who staked their ETH will be able to withdraw it due to Shanghai, a significant upgrade to the Ethereum blockchain. The update is the upcoming significant move in Ethereum's development roadmap. As a result, ETH will be able to repay its investors and validators who staked the token during the Ethereum Merge back in September.

The introduction of "proto-danksharding," which will enhance layer-2 rollup scalability before the full implementation of the significant Sharding upgrade later this year, is another significant development with Shanghai that is planned.

Popular Ethereum contributor Tim Beiko announced that they are aiming for a Shanghai launch in March when talking at the most recent Ethereum Core Developers Meeting last month.

He also noted that not all upgrade features might be completed on schedule, but the developers are more concerned with making sure that investors and validators can at least withdraw the ETH they staked on the Beacon Chain.

ALSO READ- Bitcoin price remains stable but will rising interest in ETH and XRP lead to price takeoff?

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