According to data from IntoTheBlock, Ethereum outperformed most cryptocurrencies and other traditional assets in Q1 2023, recording a gain of 49%. Despite the collapse of Silicon Valley Bank and the Fed's "crackdown," Ethereum's value surged significantly in the first quarter, starting the year at around $1,196 and ending at $1,800.

The asset is currently up 57% year-to-date and appears to be breaking out, with its next critical resistance sitting between $2,100 and $2,150. However, the upcoming Ethereum Shanghai upgrade, which will allow users to withdraw their staked ETH for the first time, could cause a massive selloff of the asset.