Chris Burniske, a former Ark Invest analyst, was previously bullish in his ETH predictions. However, he seems to have backtracked a bit on his earlier analysis, admitting that Ethereum might hit rock bottom before its soars.
Ethereum, like other cryptocurrencies, declined in the crypto market today, down by 5.60% in 24 hours. However, Burniske is optimistic that Ethereum will rally after a brief decline.
Chris Burniske Predicts Ethereum’s Price
Chris Burniske, a crypto analyst, stated that ETH wants to lead us to Valhalla next. Valhalla figuratively means a place of merriment and signifies a price increase for Ethereum.
$ETH looking like it wants to lead us to Valhalla next
— Chris Burniske (@cburniske) February 8, 2023
He stated that an ETH/BTC breakout after the Shanghai upgrade is a realistic scenario for the crypto pair. ETH rallied on January 15 to $1,550 and has traded in this price region since then.
Factors That Could Shoot Ether To The Moon
Ethereum is one of the most innovative crypto hubs for Web3, NFTs, and Metaverse-related technology. As a result, the network posted some new developments that will benefit the crypto community members on its blogs. These upgrades include the Shapella upgrade and the ETH academic grants that cover many Ethereum-related career fields.
Ethereum Shapella Upgrade Draws Close And Might Influence Its Price
After a successful testnet, Ethereum’s development team announced the Shanghai + Cappella (Shapella) mainnet upgrade, which has moved to public testnets.
The Zhejiang testnet is live, and stakers and other ETH users can test-run Shapella today. Sepolia, one of the first long-lasting testnets, will undergo the upgrade on February 28, 2023.
Shapella comes with many interesting features. Stakers on the ETH consensus layer can withdraw their staked tokens. Full withdrawals will be accessed by validators who have exited, while partial withdrawals will be for validators with balances above 32 ETH.
Ethereum Ongoing Academic Grants
Ethereum network is offering academic grants to users in specific fields after last year’s success recorded in the program. New fields were added for applicants ranging from cryptography to humanities. Users can apply for grants and pitch support for projects related to Ethereum, its protocol, security, and application.
Ethereum Price Action
Ethereum is currently trading at $1,518, with minor gains. On the price chart, three consecutive red candles have formed for the past three days reflecting the bearish pressure in the market. However, ETH is still trading above its 50-day and 200-day Simple Moving Average (SMA), indicating the possibility of a price upturn.
ETH might break the $1,510.94 support and fall even further. However, ETH price correlates to the price of Bitcoin and will rally once Bitcoin spikes on the charts again.
Featured image from Pixabay AgelessFinance chart from TradingView.