Ethereum Price Retests Highest Level in 10 Months Amid Post-Shapella Gains

Ethereum price has been hovering supra the important $2,000 level for the past 2 days disconnected the backmost of the palmy Shanghai upgrade and the wide bullish sentiment successful the crypto market. Ethereum, the largest altcoin by marketplace headdress has jumped by much than 10% since its upgrade connected Wednesday, raising its year-to-date terms to 72%.

Ethereum terms built connected its post-Shapella upgrade connected Friday arsenic investors felt relieved pursuing the palmy Ethereum upgrade without imaginable antagonistic effects. ETH’s terms concisely climbed to $2,128.76 earlier connected Friday, its highest level since May 16, 2022. The altcoin’s full marketplace headdress has inched astir 3% higher to $247.8 cardinal implicit the past day, portion the full measurement of ETH traded accrued by 17%.

The Ethereum web completed its long-awaited Shanghai upgrade connected Thursday morning, pumping Ether’s terms higher. The upgrade was intended to present caller enhancements specified arsenic ETH validator withdrawal, improved security, and reduced state fees. Many were initially acrophobic that the Shapella upgrade would pump selling unit aft the launch. Shanghai is the second-largest developmental upgrade connected the Ethereum blockchain aft past year’s Merge.

Ethereum has besides been thriving connected the diminution successful the latest US ostentation information that has raised hopes of the Federal Reserve putting a intermission oregon ending its involvement complaint hike cycle. Lower involvement rates thin to pump liquidity into cryptocurrencies, raising their prices higher. The planetary crypto marketplace has moved higher to $1.26 trillion successful the past 24 hours, portion the full crypto marketplace measurement roseate by 25.71%.

The dollar index, which measures the show of the US currency against six others has been falling pursuing the latest US CPI speechmaking and rumors astir a dovish Fed. Data released connected Thursday shows that the US Producer Price Index (PPI) fell by the astir successful astir 3 years successful March. The US Treasury yields climbed connected Thursday contempt the affirmative economical information released earlier this week.

Ethereum terms has been flashing greenish for the past fewer days, flipping the important absorption level astatine $2,000. At the clip of writing, ETH was trading 2% higher astatine $2,052.19. On the regular chart, ETH has remained supra the 25-day and 50-day moving averages, arsenic good arsenic the 50-day and 200-day exponential moving averages. Its Relative Strength Index (RSI) has moved higher into the overbought zone, portion the MACD indicator remains bullish.

Therefore, I expect the Ethereum terms to proceed moving higher arsenic buyers oculus the adjacent absorption level astatine $2,478. However, a determination beneath the important enactment level astatine $1,900 volition invalidate my bullish thesis.