The Ethereum crypto asset is projected to move positively supported by the Shanghai Upgrade update in March. The Shanghai Upgrade was an update related to The Merge Ethereum in September last year.
With this upgrade, according to Indodax CEO Oscar Darmawan, investors can see Ethereum is a crypto that continues to grow to provide features and updates that support Ethereum’s performance in the future. “Investors will see that Ethereum is indeed one of the promising cryptocurrencies,” Oscar said in a press release, Friday (24/2/2023).
Oscar explained, Ethereum is not only the crypto with the second largest market capitalization, but it is the functions and updates made by the developers that make it even more promising, especially for institutional investors.
Regarding the price, Oscar said, the Shanghai Upgrade might cause the price of ETH to rise in the future. However, Oscar stressed, this is not the case being the only reason why ETH is going up.
Oscar revealed that there are many other factors that can increase the price of Ethereum, such as global macroeconomic conditions, US Fed policies which also affect Bitcoin and crypto prices in general, or the influence of influencers in crypto.
“Shanghai Upgrade is not certain to affect price increases, but it is better for ETH investors to find out and understand what Shanghai Upgrade is like,” explained Oscar.
By understanding fundamental analysis on Ethereum from existing news and updates, investors can easily determine when is the right time to buy Ethereum so they can reap the benefits.
After the Shanghai Upgrade there will be an update called the Cancun Upgrade. In this Cancun Upgrade, the developers will make updates that the developers did not do in the Shanghai Upgrade.
In the last three months, Oscar admitted that the price of Ethereum tends to be very volatile, but it tends to increase. On November 22, 2022, 1 ETH is at Rp. 17 million and now the price is touching Rp. 25 million.
“Viewed from a technical analysis, Oscar considers that 2023 is the year when crypto prices begin to increase to welcome Bitcoin Halving Day in 2024,” explained Oscar.