Ethereum hits two-month high

Ethereum quotes have risen to their highest level in the last 2 months, and the network issuance of ETH has become deflationary again. Growing over the weekend, ETH $3,481.62 Ethereum 2.51% Market capitalization $418.45 billion VOL. 24 hours $0.7 billion reached its highest price since November 8, 2022.

According to CoinGecko, the digital asset is up 2.3% over the past 24 hours and 21.8% over the past 7 days. Ethereum’s growth comes ahead of the launch of the Shanghai testnet, the next major network upgrade after the transition to PoS. According to the ETH developers, the innovation will change the EVM format, add the ability to withdraw funds from the Beacon Chain, and reduce the commission to only 2. The Shanghai mainnet is scheduled to launch in March this year.

It is worth noting that over the past two months, large investors have become much more active in buying ETH, according to the Santiment online analytics platform. Crypto sharks have become particularly active, with wallets holding between 100 and 10,000 ETH. «48,556 shark addresses is the highest level recorded since February 2021,» Santiment said in its report.

According to artificial intelligence forecasts, by the end of this month, ETH will be trading for $ 1,315, but the digital asset has already significantly exceeded this mark. Despite the fall in cryptocurrencies after the FTX exchange collapse, the value of ethereum has been much more stable compared to other digital assets.