The value of Ethereum, the second-largest asset by market capitalization, could fall. ETH’s value will probably decline in the first half of 2023, according to options data. Analysts are still pessimistic about the asset, which suggests that whales anticipate a sharp decline in the altcoin’s price in the first half of 2023.
Traders think that crypto whales engage in this tail management behaviour. An analyst and trader named @TeddyCleps claims Ethereum has repeatedly been testing resistance for eight months. The current rise is unsustainable, and the altcoin is likely to surpass it because ETH has repeatedly failed to break it. In Ethereum, there are two likely outcomes. The ETH price reaches $1,280 in the first scenario, while $1,480 is the target price in the second.
On the inaugural All Core Developers Execution (ACDE) call, Ethereum ecosystem developers decided to “tentatively” set the deadline for Shanghai for March 2023. On January 19, the next ACDE call will go live, according to FTX streets, and the Shanghai hard fork of Ethereum is the first significant update to the network since the switch from proof-of-work to proof-of-stake.
Over 500,000 Ethereum validators are anticipated by 2023. On-chain data shows a significant decline in Ethereum’s coin issuance pace; the community is awaiting the Shanghai hard fork and the ETH token unlock because the network has been using the PoS consensus mechanism for more than three months.
