Ethereum (ETH) has reached a seven-month high, crossing the $1,840 mark for the first time since August 18, 2022. This is great news for ETH holders, as it indicates an increase in demand and potential for the value of the coin to continue to grow.

Interestingly, despite the high demand for Ethereum transactions, the network hasn't seen an increase in transaction fees. In fact, according to data from the cryptocurrency market intelligence platform Santiment, the network fees have dropped to below $2. This is a good sign for investors and traders, as it suggests that ETH has a door open to $2k and beyond.

So what's behind the recent surge in Ethereum's price? One factor could be the reduction in supply of the coin. In 2023, the supply of Ethereum has been reduced by 66,000 ETH, making it deflationary and attractive to traders and investors seeking scarce crypto assets.

Another factor to consider is the upcoming Shanghai upgrade (also known as Shapella), which is set to go live on the Ethereum mainnet on April 12. This upgrade promises to introduce major improvements and enable validator staking withdrawals, which could provide a significant boost for the price of ETH.

At the time of writing, Ethereum was changing hands at the price of $1,787, with weekly and monthly gains of 13.12% and 5.86%, respectively. It's an exciting time for Ethereum investors and traders, and we'll have to wait and see where the price of ETH goes from here.