• Ethereum (ETH) has been on a bullish track in the start of 2023, trading at $1,572 as of Jan. 30.
• Analysts are anticipating a 25-basis points interest rate hike by the Federal Reserve, which could have an impact on Ethereum’s price.
• The upcoming Shanghai upgrade is set to make waves in the crypto market, allowing users to withdraw their staked ETH without locking it up indefinitely.
Ethereum Price Analysis
Ethereum price analysis indicates potential gains in 2023, with the digital asset firmly on track to record impressive gains at the start of the year.
Factors Affecting Ethereum Price
Various factors will heavily influence Ethereum’s path, from scalability issues and user adoption to The Merge upgrade transitioning from proof-of-work consensus mechanism to proof-of-stake.
Impact Of Federal Reserve Decision
The crypto community is looking ahead to the Federal Reserve’s decision on interest rate hikes expecting a 25-basis points increase, which could have an effect on digital assets such as Ethereum.
Shanghai Upgrade
The upcoming Shanghai upgrade (EIP-4895) is set to revolutionize the crypto market by allowing users to withdraw their staked ETH without locking it up indefinitely.