Ethereum (ETH) sustains above the $1,200 mark. At the time of publication, ETH was changing hands at $1,214, marginally up in the last 24 hours. The Shanghai upgrade is the next in the queue of hard forks improving the Ethereum ecosystem. Additionally, the upgrade may not address just one problem. There are some Ethereum Improvement Proposals (EIP) that are being considered for inclusion, even though it appears that everyone agrees that staked ETH withdrawals should be included in Shanghai. For instance, EIP-4844, also known as proto-danksharding, could be the first step toward sharding, a technique that splits the network into additional databases, or “shards,” to enhance its capacity and reduce gas costs. Ethereum developers are likely to decide which EIPs, including EIP-4844, would make it into the Shanghai upgrade at the All core developers’ call to be held in December.
Key Levels
Resistance Levels: $1,700, $1,500, $1,300
Support Levels: $1,000, $800, $500
ETH/USD Daily ChartThe ETH/USD edged higher in the previous session, as bulls and bears remained on the sidelines around $1,200. However, the ETH continues to make up lost ground as the new week begins. The ETH/USD rose to a daily high of $1,222 before losing momentum at the time of writing and was trading at $1,213, up 0.50% on the day.
In a broader sense, the rise from $1,073 represents the third trend cycle since the low of $879. A further rally towards cluster resistance at the daily moving average (MA 50) can be seen near the level of $1,350. This could remain the preferred scenario as long as the $1,200 resistance turned support level remains intact.
ETH/USD 4-Hour ChartConsolidation from the $1,677 November high might limit ETH/USD recovery. A cycle of steeper declines toward the $1,000 support level is possible. Meanwhile, a break of the $1,300 level could relaunch gains from the $1,073 level to the $1,500 resistance level. In general, sideways trading may continue for the foreseeable future.
Meanwhile, it appears that a breakout is possible, as this is the current trend. If this occurs, the bulls’ next target could be at $1,300-$1,500. In the event of a bearish breakout, the next target could be $1,500, around where the November lows still stand.
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