Ethereum is all set to get some major network updates and so as Shanghai and Capella upgrades inch closer Ethereum price becomes bullish. This helped the crypto hit its seven high figure as it breached the 1,900 dollar mark.
Ethereum and Bitcoin are never out of focus when it comes to the crypto world. Recently, Ethereum saw some big changes which saw the crypto perform well as it moved to the proof of stake system from the proof of work system. However, the recent positive growth stems from multiple positive price achievements by the crypto and the network TVL surges.
Ethereum has shown gains in the past 7 days, 1 month, and 3-month charts while the market has been volatile. On a year-to-year basis as well the crypto is up by 59% which is again a positive thing.
This ability of Ethereum to break resistance levels is what is making some analysts believe that the crypto may well surpass the 3,000 dollar mark in the Q2 of this year.
As Shanghai and Capella upgrades inch closer Ethereum price becomes bullish. This strength has been witnessed by looking at the increased usage, whale accumulation, and uptick in staking at a steady rate. Now that these upgrades are no less than a week away the traders expect Ether price to be volatile till then at least.
ETH has been seeing a rise in price since December 2022 and it culminated in hitting the peak figure of 1,911 dollars recently. The Shapella upgrades are set to take place on April 12 and since it has contributed to increasing the price of the crypto the event is being viewed as a sell-the-news kind of event.
So far the Ethereum balance in the ten largest exchange addresses has hit an all-time low. On the other hand, non-exchanges have continued to climb.
This reads as an accumulation of ETH by non-exchange players and thus there is a decline in selling pressure on ETH across platforms. Thus, a bullish sign can be noticed for ETH in the coming time.
Since November 2022 Ethereum has only seen a break to the downside and that came back in March 2023. The support levels for ETH on the downside exist at 1,718 and 1,613 levels which would mean a serious drop in value.
On the other hand, consistent price growth could see the crypto hit a value of 2,232 dollars and this would push back the bearish years that might be lingering over it.
Only time will tell what happens, however, if the last major upgrade is anything to go by then the holders of this crypto can expect another positive news coming their way in a week.
The gain till now has been a significant one and so if the crypto does not see a major fall in prices then that in itself would have also been a good achievement.
Source: Coin Telegraph
