Home
News
- 1 ETH price reached the milestone of $1900 after breaking out of the bullish flag.
- 2 The price hit a 7-month high earlier than the Shapella Upgrade.
- 3 The trading volume swelled by 22.80% in the past 24 hours.
Ethereum price reached a milestone of $1900, marking a 7-month high after recovering from the fiasco faced towards the end of 2023. The price set into a bullish momentum upon the disclosure of the Shapella upgrade, but the predicted rally arrived early. The Shanghai-Capella, or Shapella upgrade, aims to bring advancements to the Ethereum network. It seeks to trim down the gas fees, accelerate transaction speed and boost liquidity for the Ethereum ecosystem.
Another speculation around the ETH price rally is driven by the expectations that the Federal Reserve may ease up on its quantitative methods to curb inflation. The expected rate is increased, it can cause cracks all over the global banking industry, or by increased demand for Ethereum. The demand rise will be a result of staking being slated. The present rally is just a trailer for the rocket holders waiting for the April 12 Shapella upgrade.
ETH Rallies; Bulls Flare a Flag
ETH price broke out of the bullish flag pattern attaining the $1900 target. The present rally was marked after ETH surged for three consecutive trading sessions, marking a rise of more than 8%. The bullish flag pattern was formed after the price retraced, taking support from $1420.00. The volume witnesses a spike as buyers flood the market, holding on to the anticipated target near the Shapella upgrade. An uptick in OBV suggests market conditions favoring the ETH price rally. Current price action occurs above the EMA ribbon, indicating strong bulls.
ETH rally sets a bullish momentum among the indicators. The CMF spikes to the baseline and tries to breach it, reaching the positive zone. The MACD diverges wide after forming a positive cross and records tall buyer bars. The RSI shoots to the upper range and indicates a dominant buyer market. Bullish indicators in the daily time frame show the initial stage for the big bull run.
ETH Climbing a Step at a Time
ETH price in the smaller time frame is forming a step-like pattern, showing a staggered rise. The CMF moves in the positive zone, suggesting a bullish trend in the price. The MACD diverges wide in the positive cross and records ascending buyer histograms. The RSI reaches the overbought zone to show overwhelmed buyers.
Conclusion
ETH price formed a rally reaching $1900, marking a 7-month high. The rally shows full recovery after the FTX debacle. The bullish trend may continue to prepare for the robust uptrend near the Shapella upgrade. The rally claimed a crucial price level and set a bullish outlook for the Ethereum ecosystem. The support near $1700.00 can be trusted as a strong foundation.
Technical levels
Support levels: $1700.00 and $1420.00
Resistance levels: $2000.05 and $2340.05
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
