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- Ethereum is very close to the Shanghai upgrade and devs have built a shadow network to test withdrawal.
- Technical indicators of ETH are favoring weak upside trend. It has seen a drop of 0.25% in the BRC pair
Ethereum has remained a favorite choice for investors after Bitcoin. It has seen strong growth and can continue to do the same in future. ETH shift to PoS has remained a mile stone for the whole world. Ethereum is currently preparing for the Shanghai upgrade. ETH devs are currently preparing for the withdrawals after the upgrade. Ethereum devs has prepared a testing environment called “Shadow Fork”. Ethereum developer Marius Van Der Wijden has recently tweeted about the recent upgrade. Meanwhile, Developers of ETH are attempting to attack the forked testnet with malicious nodes to look for any thing suspicious. ETH has observed a recent rally up to $1600. Various analysts are expecting strong growth in Ethereum in near future.
ETH is currently ranked second in the CMC and has a market cap of $198 Billion. Volume of the asset price has seen a drop of 0.8% in the intraday session. Volume to market cap ratio of the asset price hints at the consolidation in price.
Bulls Of ETH Are Gearing Up
Ethereum is currently showing strength and is holding its position near a crucial level. The weekly technical chart of the ETH suggests a weak upside move. On the daily chart it is trading near the value of $1610 with a nominal gain in the intraday session. Resistance for the ETH can be seen near $1800. Meanwhile, the support of the asset price can be seen near $1400. It is trading above the 50 and 100 Daily Moving Average. There can be a positive crossover which can push the price near $2000.
RSI of the ETH suggests its presence in the overbought zone.The overall sentiment of the RSI is neutral.
Conclusion
Ethereum devs are preparing for the Shanghai upgrade and the coming withdrawals. ETH price is currently in a consolidated mode but can soon see a new high in the future.
Technical Levels
Major Support: $1400
Major Resistance: $1800
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Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
