The long-awaited Shanghai Upgrade for Ethereum (ETH) has finally been launched, much to the delight of the crypto community. Dubbed “Shapella,” this upgrade empowers individuals who have staked ETH to safeguard and authenticate transactions on the network, enabling them to withdraw their staked ETH tokens easily. This development marks a significant milestone in the evolution of Ethereum, and we look forward to witnessing its impact on the blockchain ecosystem.
The recent upgrade deployment has garnered a favorable response from traders, with Ethereum’s price experiencing a 2.64% surge in the past 24 hours, as reported by CoinMarketCap. This impressive gain has propelled the altcoin leader’s weekly price performance into positive territory, currently at +1.34%. As a result, Ethereum is currently being traded at $1,916.54 at the time of writing.
In the past 24 hours, Ethereum (ETH) has demonstrated a noteworthy surge against the crypto market leader, Bitcoin (BTC), with a 2% increase. Additionally, ETH’s daily trading volume has impressively escalated by over 27% within the same timeframe, resulting in a total trading volume of approximately $11,027,632,187 at the time of writing. These developments signify a promising trajectory for ETH’s market performance.
The current price of ETH is riding on a promising trend line that has been established over the past 2-3 weeks. During this time, ETH has demonstrated a consistent pattern of printing higher lows. However, it is important to note that a breach of this level could lead to a decline in ETH’s value, with projections indicating a drop to $1,850 within the next 24-48 hours. Investors must remain vigilant and monitor the market closely during this time.
According to the RSI technical indicator on ETH’s daily chart, the altcoin’s price will likely close below the trendline today. Currently, the RSI line shows a negative slope towards the oversold territory. Furthermore, the RSI line is on the cusp of crossing bearishly below the RSI SMA line.
Should ETH’s price close above the trendline during today’s trading session, the cryptocurrency will likely continue its upward trajectory. It may even set its sights on the next resistance level at $1,995 within 24-48 hours. This would be a significant milestone for ETH and could signal further gains shortly. Investors should exercise caution and carefully monitor market trends before making investment decisions.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
