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💥ETHEREUM PRICE ANALYSIS ON 07.02.2023
~by: BytradeVN Research
#BytradeRS_Newsdaily
ETH, the native token of the largest smart contracts platform, shows signs of outperforming Bitcoin (BTC) in February. The two largest cryptocurrencies reached new 2023 highs last week, but Ethereum price has the potential to keep the uptrend intact while aiming for $2,000.
On the other hand, Bitcoin faces a spike in selling pressure in the wake of glaring global inflation and economic recessions. Investors hoped to see Bitcoin settle above $24,000, as reported in this article, however, the bellwether crypto must first seek support above $22,000 before triggering another upswing.
As for Ethereum price, support at $1,600 appears strong enough to keep the uptrend intact. Furthermore, increased network activity cements the bulls’ presence in the market. Investors should keep their eyes on the immediate support at $1,630 because if respected, ETH would quickly close the gap to $1,800 and possibly open the door for gains above $2,000.

🚫Ethereum Price Rally Stays In Wait For Shanghai Upgrade
The Ethereum network has over the last few weeks experienced a healthy uptick in on-chain activity amidst anticipation for the up-and-coming Shanghai upgrade. Activity has also improved among non-fungible tokens (NFTs) bolstered by the launch of mini-game from Yuga Labs, according to a Bernstein report released on Monday.
Blockchain data shows daily fees on the second-largest protocol more than doubled since early January to range between 4 and $6 million, up from around $2 million. Transaction fees have also gone up by approximately 35% in the same period. Often increasing gas fees signal a recovering or up-trending market for Ethereum price.
Intriguingly, the report revealed a slump in Ether’s inflation, which has stayed on the negative side for two weeks now. Bernstein opines that more deflation is anticipated supported by a spike in on-chain activity.
The Ethereum Shanghai upgrade expected in Q1 2023 would be the biggest catalyst for ETH price, and with it, investors look forward to a spectacular rally. This upgrade is monumental because it will allow investors to withdraw ETH locked in the Beacon Chain for the first time.
According to the report, investors should be cautious as the upgrade approaches, amid concerns about the supply of Ethereum in circulation. Moreover, 70% of the staked ETH was through liquid staking platforms like Lido DAO, with the rest directly locked in the Beacon chain. Even though caution is paramount, Bernstein reckons that there is “but improved conviction in holding in spot markets, as the fears recede.”

🚫Assessing Ethereum Price Profitability In The Coming Days
Ethereum price is trading at $1,627 at the time of writing, following a minor correction from its 2023 high of $1,117. Although the smart contracts token had validated the uptrend above the lower falling trendline, as illustrated on the daily timeframe chart, the momentum faded as it approached highs around $1,700.
The Stochastic oscillator adds credence to the short-term bearish outlook as it slides into the neutral region heading to the oversold area. Tentatively, the buyer congestion at $1,600 has the potential to absorb the selling pressure and prevent declines from revisiting lower levels up to $1,400.

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