Chris Burniske, the former Blockchain Products lead at the Cathie Wood-led Ark Invest, says Ethereum ETH/USD is moving towards a bullish market in March.
Burniske tweeted that ETH looks strong despite the recent market-wide tumult.
"From where I sit, I'm surprised crypto hasn't pulled back more given weakness in equities, and upward repricing in rates – bullish," Burniske said in the Tweet.
Burniske mentioned that an incoming upgrade for ETH, also known as Ethereum Improvement Proposal 4895 (EIP-4895), could act as a bullish catalyst for the leading smart contract protocol.
The proposed upgrade allows users with staked ETH to withdraw their assets. The update is slated for release in March.
Also Read: Bitcoin, Ethereum Move Higher; Optimism, Enjin Coin Among Top Gainers
At the time of writing, Ethereum was trading at $1,643.85, down 2.4% in the last seven days.
Bitcoin BTC/USD started the year on a solid note. The crypto coin reached around $23,500 in January, resulting in a return on investment of about 41%.
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