Ethereum (ETH) currently trades at $1,507, down 1.34% in the last 24 hours. Tim Beiko, an Ethereum developer, gives a key determinant for the Shanghai mainnet launch date, according to Wu Blockchain. The ETH developer said that the date of the mainnet date depends on how well the testnet forks go. “If we find a bug, we will always delay and fix things to be safe.” Beiko stated that if everything goes as planned, another testnet could be released in mid-March, and the mainnet upgrade could happen in late March or early April, though this is not a “final” date. He announced the positive news that the Sepolia Shapella upgrade has been scheduled. The Ethereum Foundation announced in a blog post that the Shapella, which is the Shanghai + Capella mainnet upgrade, has entered the final pre-launch sequence, which includes public testnets. Sepolia, which is the first of the long-standing public testnets, is scheduled to go through an upgrade on Feb. 28.
Key Levels
Resistance Levels: $2,300, $2,000, $1,700
Support Levels: $1,500, $1,200, $1,000
ETH/USD Daily ChartThe price of ETH/USD made an attempt to climb back above the resistance level of $1,700 but failed, falling lower to oscillate around the $1,491 mark. Since its bullish attempts, ETH has had a difficult time fending off bearish influences. The pair has been trading sideways inside a predetermined range even though the drop appeared to have stopped above the moving average (MA 50 & 200).
It is noteworthy that the daily relative strength index (RSI) has been reaching lower highs and moving against the market direction since late January. It resembles a bearish divergence, which signals that the bulls are out of steam. However, if the pair can establish support at the $1,500 mark, the bulls may attempt to push higher.
ETH/USD 4-Hour ChartRight now, the short-term forecast for ETH/USD is uncertain. Buyers will continue to hold the upper hand except for the price decline beneath the $1,500 mark. The 4-hour moving average (MA 50 and 200) was unable to hold the ETH price above $1,600 while avoiding the bears’ push under the support area at $1,500. The buyers’ attempts over $3,700 and the sellers’ struggle to push prices down indicate that things might be looking up.
Lacking a more definitive direction signal and with the outlook remaining uncertain, price movement is still within a consolidation zone above the $3,575 low. Although ETH has received updates on its Shanghai network since days ago, it may be at a crucial level as it attempts to rediscover its rhythm.
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