{"id":514924,"date":"2023-01-05T18:00:33","date_gmt":"2023-01-05T23:00:33","guid":{"rendered":"https:\/\/wncen.com\/?p=514924"},"modified":"2023-03-08T07:26:20","modified_gmt":"2023-03-08T07:26:20","slug":"ethereum-could-jump-27-to-1600","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum\/ethereum-could-jump-27-to-1600\/","title":{"rendered":"Ethereum Could Jump 27% To Trade At $1,600, How Is This Possible?"},"content":{"rendered":"

Ethereum is currently following the general crypto market trend at this point and has been posting only slight gains in the last 24 hours. With the bear market in full swing, a large number of cryptocurrencies remain at risk of losing more of their value. However, for Ethereum, there could be a bull trend on the horizon and it has to do with staking on the network.<\/p>\n

Shanghai Upgrade Will Drive Ethereum Up<\/h2>\n

Currently, compared to the other Layer 1 proof of stake networks in the sector, Ethereum sees the lowest percentage of supply staked. At less than 14 of ETH supply being staked, it comes down to there not being a withdrawal mechanism for those who stake on the network but this could change very soon and bring with it renewed vigor to the market.<\/p>\n

Related Reading: Solana Leads Crypto Market Gains, How Long Will This Continue?<\/a><\/div>\n

The Ethereum \u201cShanghai\u201d upgrade is expected to take place sometime in March 2023 and a Matrixport<\/a> report shared with NewsBTC via email expects this to be a bull trigger for the digital asset. As it puts it, \u201cit seems extremely likely that more ETH will be staked after March and this could put upward pressure on ETH prices.\u201d<\/p>\n

The reasoning behind this is a simple one; the more ETH is staked, the less supply in the market, and scarcity leads to higher prices. Instead of staked ETH volume actually declining, it is expected to increase because once withdrawals are possible, investors will be more confident to stake their coins, knowing that they can easily get it back.<\/p>\n

\u201cWith more ETH being staked and removed from circulation, the downside price pressure seems limited as long as ETH remains staked.\u201d<\/p>\n

Another Rally To $1,600 for ETH<\/h2>\n

The report further elaborates on its expected price reaction for Ethereum following the \u201cShanghai\u201d upgrade. It notes that the digital asset is already breaking out of its sideways consolidation which is a good thing as such a breakout from previous consolidations had seen ETH rally as high as 39% in 2022.<\/p>\n

\"Ethereum<\/p>\n

ETH jumps above $1,250 | Source: ETHUSD on TradingView.com<\/a><\/pre>\n

So if another breakout such as this were to take place, it is possible that the digital asset could see an over 27% increase just like it did in October 2022. This would obviously bring its price back up to $1,600 with a 27% rally, and above $1,750 with a 39% rally. It also predicts lower volatility for the year 2023, but still expects investors to see a 9.8% increase with a 63% implied volatility for March 23.<\/p>\n

Related Reading: Bottom Signal: Bitcoin MVRV Ratio Falls To Three-Year Lows<\/a><\/div>\n

Besides the factors outlined in the Matrixport report, another thing that could support this bull case is a \u201cbuy the rumor\u201d event. These often occur leading up to important upgrades such as \u201cShanghai\u201d where investors capitalize on the anticipation to drive the price of a digital asset up. Therefore, in the months and weeks leading up to the upgrade in March, multiple rallies could be triggered which would bring ETH\u2019s price to at least $1,500.<\/p>\n

Follow Best Owie on Twitter<\/a> for market insights, updates, and the occasional funny tweet\u2026 Featured image from TradeMap, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Ethereum is currently following the general crypto market trend at this point and has been posting only slight gains in the last 24 hours. With the bear market in full swing, a large number of cryptocurrencies remain at risk of losing more of their value. However, for Ethereum, there could be a bull trend on the horizon and it has to do with staking on the network. Shanghai Upgrade Will Drive Ethereum Up Currently, compared to the other Layer 1 proof of stake networks in the sector, Ethereum sees the lowest percentage of supply staked. At less than 14 of ETH supply being staked, it comes down to there not being a withdrawal mechanism for those who stake on the network but this could change very soon and bring with it renewed vigor to the market. Related Reading: Solana Leads Crypto Market Gains, How Long Will This Continue? The Ethereum \u201cShanghai\u201d upgrade is expected to take place sometime in March 2023 and a Matrixport report shared with NewsBTC via email expects this to be a bull trigger for the digital asset. As it puts it, \u201cit seems extremely likely that more ETH will be staked after March and this could put upward pressure on ETH prices.\u201d The reasoning behind this is a simple one; the more ETH is staked, the less supply in the market, and scarcity leads to higher prices. Instead of staked ETH volume actually declining, it is expected to increase because once withdrawals are possible, investors will be more confident to stake their coins, knowing that they can easily get it back. \u201cWith more ETH being staked and removed from circulation, the downside price pressure seems limited as long as ETH remains staked.\u201d Another Rally To $1,600 for ETH The report further elaborates on its expected price reaction for Ethereum following the \u201cShanghai\u201d upgrade. It notes that the digital asset is already breaking out of its sideways consolidation which is a good thing as such a breakout from previous consolidations had seen ETH rally as high as 39% in 2022. ETH jumps above $1,250 | Source: ETHUSD on TradingView.com So if another breakout such as this were to take place, it is possible that the digital asset could see an over 27% increase just like it did in October 2022. This would obviously bring its price back up to $1,600 with a 27% rally, and above $1,750 with a 39% rally. It also predicts lower volatility for the year 2023, but still expects investors to see a 9.8% increase with a 63% implied volatility for March 23. Related Reading: Bottom Signal: Bitcoin MVRV Ratio Falls To Three-Year Lows Besides the factors outlined in the Matrixport report, another thing that could support this bull case is a \u201cbuy the rumor\u201d event. These often occur leading up to important upgrades such as \u201cShanghai\u201d where investors capitalize on the anticipation to drive the price of a digital asset up. Therefore, in the months and weeks leading up to the upgrade in March, multiple rallies could be triggered which would bring ETH\u2019s price to at least $1,500. Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet\u2026 Featured image from TradeMap, chart from TradingView.com<\/p>\n","protected":false},"author":541,"featured_media":506604,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[8323,16163,1946,87558,8686,78803],"class_list":["post-514924","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-eth","tag-eth-price","tag-ethereum","tag-ethereum-performance","tag-ethusd","tag-ethusdt"],"acf":[],"yoast_head":"\nEthereum Could Jump 27% To Trade At $1,600, How Is This Possible?<\/title>\n<meta name=\"description\" content=\"Ethereum is currently following the general crypto market trend at this point and has been posting only slight gains in the last 24 hours. 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Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality. Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best\u2019s publications, which are always clear and concise, enabling easy reading and understanding for all. Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/wncen.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Ethereum Could Jump 27% To Trade At $1,600, How Is This Possible?","url":"http:\/\/wncen.com\/news\/ethereum\/ethereum-could-jump-27-to-1600\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/ethereum\/ethereum-could-jump-27-to-1600\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/10\/Ethereum-14.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/10\/Ethereum-14.png?fit=758%2C457"},"articleSection":"Ethereum","author":[{"@type":"Person","name":"Best Owie"}],"creator":["Best Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["eth","eth price","ethereum","ethereum performance","ethusd","ethusdt"],"dateCreated":"2023-01-05T23:00:33Z","datePublished":"2023-01-05T23:00:33Z","dateModified":"2023-03-08T07:26:20Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Ethereum Could Jump 27% To Trade At $1,600, How Is This Possible?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum\\\/ethereum-could-jump-27-to-1600\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum\\\/ethereum-could-jump-27-to-1600\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/10\\\/Ethereum-14.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/10\\\/Ethereum-14.png?fit=758%2C457\"},\"articleSection\":\"Ethereum\",\"author\":[{\"@type\":\"Person\",\"name\":\"Best Owie\"}],\"creator\":[\"Best Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"eth\",\"eth price\",\"ethereum\",\"ethereum performance\",\"ethusd\",\"ethusdt\"],\"dateCreated\":\"2023-01-05T23:00:33Z\",\"datePublished\":\"2023-01-05T23:00:33Z\",\"dateModified\":\"2023-03-08T07:26:20Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/10\/Ethereum-14.png?fit=758%2C457","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/514924"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/541"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=514924"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/514924\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/506604"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=514924"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=514924"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=514924"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}