Ethereum has crossed the $1,800 mark for the first time since August 2022, and there is a possibility of a bull rally driven by the increased traction of smart contracts and a successful network upgrade, the crypto media outlet BeInCrypto reported on March 21.

The recent banking crisis has led some crypto-affiliated depositors to move their funds into DeFi protocols built on Ethereum. Glassnode's on-chain data shows a spike in the supply of ETH locked in DeFi, reducing the units available to be traded on crypto exchanges and decreasing sell pressure, which could power Ethereum into a bull market. The Network Value to Transactions (NVT) ratio provides significant on-chain data that reinforces the hopeful perspective.

The forthcoming Shanghai upgrade is scheduled for April 12.

Interestingly, recently deployed on the Ethereum mainnet in March 2023, ERC-4337 enables users to recover lost private keys through programming smart contracts to operate wallets, known as account abstraction.

Ethereum founder Vitalik Buterin stated that the ERC-4337 standard enables a completely decentralized fee market for operating smart contract wallets.

Source: BEINCRYPTO