• 1 Ethereum Shapella Upgrade pushed the price upwards.
• 2 The cryptocurrency hit its highest since May 2022 and is trading above 2,100 USD. 

Following the newly launched upgrade on the Ethereum (ETH) blockchain network, Shapella Upgrade, the price of cryptocurrency continues to rally. After the recent push in the price, the second biggest cryptocurrency by market capitalization rose to over 2,000 USD. With the level attained in the aftermath of this upgrade, Ethereum price is currently trading at its ten-months high. 

Ethereum Highs Calls for Altcoins Rise

Analysts and well-known personalities within crypto space came up with their inferences of Ethereum price reaching new recent highs. Popular crypto analyst, Michaël van de Poppe, noted in his April 15 tweet about price action of ETH during its major upgrades. He cited the Merge upgrade from September last year when the cryptocurrency’s price slumped instead of making an upward move. The upgrade, according to the analyst, triggered a selloff on altcoins. 

However, the analyst noted, Ethereum Shanghai Upgrade could be the trigger for a “multiweek rally on altcoins.”

Co-founder of crypto exchange BitMEX, Arthur Hayes, also shared his belief that altcoins are going to witness a rally here. He sought the time of altcoins outperforming Bitcoin (BTC) and beating its dominance.

While sharing an Ether (ETH) price chart in one of the tweets on April 14, Hayes outlined the recent surge in price and achieved more than 2,100 USD in the matter of hours. 

Majority of altcoins were trading in green following Ethereum price uptick. Solana (SOL), Cardano (ADA), and Dogecoin (DOGE) like top altcoins are trading at impressive price levels up by over 19%, 17% and 8% in the last week.

Ethereum network witnessed successful execution of its Shapella (Shanghai+Capella) upgrade on Wednesday, April 12. Following the upgrade, the validators would be enabled to withdraw staked Ethereum (ETH) from the consensus layer and staking rewards. 

Ethereum (ETH) Price Movement on Chart

On the 4 hour timeframe. ETH is breaking its crucial resistance mark of $2000 and gave a fresh breakout. However, price action on the charts also gave conviction with the pattern named ascending triangle whose neckline was broken and price retested. 

Afterwards, ETH bulls gained momentum and sharply rose above its immediate short term hurdle of $2100 and held the mark. The price action is now favouring bulls because the recent move trapped sellers who were made short positions in the past sessions. Moreover, trajectory swings in ETH are indicating that bulls are setting eyes towards $2200 in the upcoming sessions to attain more bullishness. Buyers are gaining traction in the last sessions and the beginning of the uptrend makes sellers cautious. 

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Ritika Sharma

With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.