The world’s second-largest cryptocurrency Ethereum is increasingly in favor of investors as ETH price continues to slide towards the $2,000 mark as the Shanghai upgrade is just one day away.
The cryptocurrency market looks positive as its crypto cap reached $1.23 trillion for the first time in 2023 with an overnight gain of 4.15%. The key factor behind this rapid gain is Bitcoin rising above $30,000.
The most prominent digital asset Bitcoin is up 6.5% thus the price of Ethereum is also up by 3.58% with the currency trading at $1,923 at press time. Meanwhile, the trading volume shows a 61% increase at $9.7 billion in the last 24 hours.
Ethereum Shanghai upgrade, Ethereum’s latest hard fork, scheduled for tomorrow, implements major Ethereum Improvement Proposal (EIP)-4895 and many others and also enables validators to withdraw nearly $18 million worth of ETH tokens.
However, analysts are assuming that, after the Shanghai upgrade, selling may occur due to the increase in withdrawals. On the other hand, an increase in BTC price washes away all the negative news and could take ETH price towards $2,000 soon.
However, Ethereum’s price has been bullish since November as the price action formed an ascending parallel channel. At that point, the bulls attempt to propel ETH towards the key $2,000 level at the upper boundary of this channel.
Specifically, the 20-day simple moving average has been an unbreakable support area for the past several days. Conditions seem favorable for the $2K region, and the Shanghai upgrade could accomplish this minor feat tomorrow.
- Support levels – $1700 and $1400
- Resistance levels – $2000 and $2500
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