Ethereum price explodes past $1,900, will ETH climb higher before Shanghai upgrade – FXStreet
Ekta Mourya
FXStreet
Ethereum hit a new yearly high as the price climbed above the $1,900 level for the first time in a year. ETH holders await the Shanghai hard fork scheduled for April 12 and a rally in the altcoin close to the event signals the likelihood of the upgrade being a “sell-the-news” event.
Also read: Ethereum Improvement Proposal EIP-4844 turns experts bullish, will ETH price rally?
Ethereum, the second-largest altcoin by market capitalization witnessed a spike in its price earlier today. ETH price climbed consistently since mid-December 2022, pushing the altcoin to a new yearly peak of $1,911, based on data from CoinGecko.
ETH/USD 4H price chart
The ETH holder community is waiting for the launch of the Shanghai and Capella upgrades, together known as the Shapella, on April 12. Given that the altcoin rallied in the week leading up to the event, it is likely that crypto market participants view the Shanghai hard fork as a “sell-the-news” event.
Based on data from crypto intelligence tracker Santiment, when the largest Ethereum addresses are split into exchange v. non-exchange, their balances are moving in opposite directions. The Ethereum balance in the ten largest exchange addresses has hit all-time low levels while for non-exchanges, it has continued its climb, as seen in the chart below.
Ethereum exchange v. non-exchange balances
This signals accumulation by non-exchange players and a decline in selling pressure on Ethereum across crypto exchange platforms. A decline in selling pressure is a bullish sign for the altcoin’s price.
Ethereum price has been in an ascending parallel channel since November 2022 with one significant break to the downside in March 2023. As seen in the price chart below, in the event of a decline, Ethereum price could nosedive to support at the $1,718 and $1,613 levels respectively.
ETH/USD 1D price chart
If Ethereum price climbs consistently above the midpoint of the parallel channel, towards the 50% Fibonacci Retracement at $2,232, it could invalidate the bearish thesis. A decline below the lower trendline of the channel is expected in the event the Shanghai hard fork turns out to be a “sell-the-news” event.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Join Telegram
Join Telegram
Dogecoin (DOGE) price has broken free from its multi-month declining trend line that has defined the dominant bearish trend for nearly a year. The breakout, while pivotal, needs to clear one more critical hurdle before DOGE can take off.
ETH has established three higher lows and equal highs since June 2022, forming an ascending triangle pattern. A decisive weekly candlestick close above the triangle’s horizontal resistance level at $2,000 will signal a breakout.
With massive rallies across the board, the cryptocurrency market capitalization has increased from roughly $831 billion to nearly $1.5 trillion in the last ten months. Investors need to expect the possibility of a 10% to 20% correction even during bull runs.
Poloniex investor Justin Sun posted an on-chain message addressing the hacker. Sun had two major points he wanted to communicate after the involved person or group siphoned roughly $110 million from the Poloniex exchange.
After the US Securities and Exchange Commission (SEC) announced a delay in their ETF decision, Bitcoin (BTC) price saw a quick uptick, which did not make sense. Currently, BTC is hovering below the $38,000 level, leaving investors guessing its next move.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Opinions expressed at FXStreet are those of the individual authors and do not necessarily represent the opinion of FXStreet or its management. FXStreet has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and omissions may occur. Any opinions, news, research, analyses, prices or other information contained on this website, by FXStreet, its employees, clients or contributors, is provided as general market commentary and does not constitute investment advice. FXStreet will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.