In the past seven days, the price of Ethereum (ETH) has increased by up to 22%, propelled by an improving macroeconomic outlook and growing interest in Ethereum’s planned Shanghai upgrade. ETH was marginally up in the last 24 hours at $1,545. The Total Value of the ETH 2.0 Deposit Contract has just reached an ATH of 16,042,407 ETH, according to Glassnode data. Now, all eyes are on Ethereum’s upcoming significant upgrade, known as the “Shanghai hard fork,” which is anticipated to occur in March and will enable users of the network to access ether (ETH) they had staked on the blockchain but have been unable to access for months. In December, it was decided to move forward with Shanghai. According to a statement by Messari research analyst Kunal Goel, the total quantity of ethereum staked might probably rise after Shanghai. Crypto trader Thomas Kralow claims that if the Shanghai upgrade is successful, it will pave the groundwork for proto-danksharding, also known as EIP-4844, which would make Ethereum more scalable through sharding, later this year. In the weeks leading up to its March hard fork, Ethereum on-chain data shows a significant increase in the number of Ether shark addresses.
Key Levels
Resistance Levels:$2,300 $2,000, $1,700
Support Levels: $1,500, $1,300, $1,000
ETH/USD Daily ChartEthereum (ETH) traded in an upside range throughout the week as both volatility and volume increased significantly. To sustain a string of higher lows and higher highs, ETH/USD must keep today’s daily candle above the $1,500 level of support while the recovery from $1,200 continues to move higher. If this is not done, downside price goals of $1,300 and $1,200 might be attempted.
The bull market started when a daily close occurred above $1,300, while the $1,200 low was more of a bear trap than a negative reversal. If bears return to the market, the decline should be contained to the first downward support level at $1,300. Investors’ attention will be on closing much above the $1,500 level today.
ETH/USD 4-Hour ChartETH/USD has broken above the $1,500 resistance line, which has since turned into short-term support, far above the 4-hour moving average (MA 50 & MA 200). Given that the pair’s relative strength index indicator remains above its 80 overbought regions. Despite signs of an overbought market in the near term, most investors prefer to maintain a positive outlook for ETH.
If selling pressure picks up again, the pair may try to reach, if not break, the $1,300 support level, while a higher break may see Ether smash the $2,000 psychological barrier and open the door for the $2,500 barrier. Overall, only a successful break of the target at $2,000 might sustain the present bullish sentiment among traders.
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