The Ethereum (ETH) price has faced difficulty in breaking the stalemate between buyers and sellers, despite experiencing a 30% increase year-to-date. The leading smart contract and decentralized finance ecosystem could surpass its August 2021 peak of approximately $2,000 if buyers gain momentum in the coming weeks.
Nevertheless, the ETH bulls face a macro downtrend that started after the asset reached its all-time high of roughly $4,845. Despite having a market value of $200 billion, the blockchain network has seen a recent decline in development activity.
Conversely, Ethereum alternatives such as Polkadot (DOT) have experienced the highest levels of development activity in the past 30 days.
Nonetheless, some analysts are confident Ethereum price will scale following some major developments that have pulled over the years and others to happen soon.
Ethereum to the Moon?
Chris Burniske, a former crypto lead analyst at Ark Invest, predicted that Ethereum will lead investors to Valhalla – a paradise for the legends. According to Burniske, the upcoming Shanghai Upgrade will be a catalyst for an ETH/BTC breakout. Having consolidated since May 2021, Burniske believes the ETH/BTC will soon break out, after implying ETH will rally more than BTC.
After the Shanghai upgrade, more Ethereum investors are likely to be motivated to stake as unstaking will be instantaneous. As such, Burniske implies the demand for ETH will spike with a negative issuance.
However, not all analysts share a similar narrative as some believe most of the 16,418,952 staked ethers will be unstaked after the Shanghai upgrade. Consequently, the selling pressure will rise and result in a price decline. Furthermore, there are other more lucrative staking blockchains in the market with higher APRs.
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