Ethereum, the world’s second-largest cryptocurrency by market cap, is currently displaying a promising growth trajectory. Over the last 24 hours, Ethereum’s price has escalated by 1.54% to ZAR 32,514.23. This surge lifts Ethereum’s total market capitalization to approximately ZAR 3.90 trillion.

The trade volume for Ethereum over the last 24 hours amounts to roughly ZAR 70.55 billion, signalling adequate liquidity in the market. In the last hour, Ethereum has witnessed a slight 0.17% increase. Despite these gains, the price remains 1.06% lower than the previous day and 2.12% lower compared to the last week.

Could This Be the Genesis of a Bullish Wave for Ethereum?

Ethereum’s 1.54% rise today kindles hope for crypto bulls following a recent downtrend. The price has established support above the crucial ZAR 31,560 level, which could serve as a springboard for additional gains.

The minor hourly increase provides early indications of a potential trend inversion. Nevertheless, for the uptrend to be confirmed, Ethereum must reclaim higher thresholds. The price currently lingers beneath the 50-day moving average, signalling that the short-term outlook retains its bearish sentiment.

Investors should pay keen attention to the 2021 lows around ZAR 29,835 and the psychologically significant ZAR 35,070 mark. A decisive breakthrough above ZAR 35,070 could likely confirm a new bullish phase for ETH. However, if Ethereum fails to maintain support, a retest of lower levels might ensue.

What Lies Ahead for Ethereum in 2023?

Generally speaking, Ethereum’s price movement tends to mirror Bitcoin’s in the medium term. If Bitcoin sustains its recent recovery, Ethereum might similarly benefit from the bullish market sentiment.

From a fundamental perspective, Ethereum is anticipating several potential catalysts. The ‘Shanghai’ upgrade, scheduled for early 2023, could deliver a boost if it proceeds without a hitch. In addition, the increasing staking activity on the Beacon Chain underscores confidence in Ethereum’s long-term potential, even amidst the current price weakness.

Still, macroeconomic challenges persist, including the Federal Reserve’s tightening cycle, which may result in elevated volatility in the coming months. Nonetheless, Ethereum’s robust on-chain activity and forthcoming upgrades position it to potentially outperform if the broader crypto market experiences a recovery