Founder of Gokhshtein Media, former U.S. congressional candidate, David Gokhshtein, who often tweets about major cryptocurrencies and meme coins (and owns bags of those too), this time has touched on Ethereum and the forecasts that were seen on Crypto Twitter last year and before about ETH being on the way toward $10,000.
In his tweet, Gokhshtein wonders if the community of the second largest digital currency still believes that it has the potential to reach the above-mentioned high price level.
He tweeted that he has not heard anyone talking about Ethereum hitting $10,000 on Twitter recently.
We don't hear much talk about $ETH hitting $10K anymore.— David Gokhshtein ®️ (@davidgokhshtein) March 24, 2023
ETH upgrade Shanghai date announced
As reported by U.Today about a week ago, the date for the much-anticipated Ethereum upgrade in Shanghai was finally announced on Twitter. The crucial hard fork for the Ethereum network will take place April 12.
After that, stakers will be able to begin withdrawing their ETH from the Ethereum 2.0 deposit contract. This upgrade, along with another one called Capella will complete the transition of the blockchain to the proof-of-stake consensus algorithm.
Some whales are expecting the Ethereum price to plunge after this, since massive amounts of ETH are expected to be withdrawn from the aforementioned staking contract.
Ethereum market performance
At the time of writing this article, the ETH price is holding in the $1,750 area after it had recently managed to top $1,800.
Ethereum hit $1,800 several times this month as the banking crisis in the U.S. continues. It began with three major banks crashing: Silvergate, Silicon Valley Bank and Signature bank. This pushed the Bitcoin price to the $28,000 mark briefly and let Ethereum regain $1,800.
As reported recently, First Republic Bank and Credit Suisse have faced the same destiny. The next candidate if not for bankruptcy but for getting into major trouble now may be Deutsche Bank as its share price has been plunging. The cost of credit default swaps on the debt of this banking giant rose quite substantially on Friday.
This is fueling the price of Bitcoin, Ethereum and the rest of the crypto market that follows them, to be on the rise.