Ethereum (ETH) Prices, Charts, and Analysis
- Ethereum eyes resistance at $2,030.
- Shanghai upgrade set for April 12.
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Ethereum is pushing higher today and has just made a fresh multi-month high after a month of indecision. The second-largest cryptocurrency by market cap is also paring recent losses made against Bitcoin as a renewed sense of hope returns to the cryptocurrency market.
Today’s move has seen ETH/USD push back above the late-March $1,860 high and with little in the way of technical resistance ahead, Ethereum may soon challenge August 14, 2022, high at $2,031. All three moving averages are lined up in a positive series with the 20-dma, in particular, providing short-term support to the move higher.
Ethereum (ETH/USD) Daily Price Chart – April 4, 2023
Ethereum has underperformed Bitcoin since mid-March as BTC led the crypto market higher. In contrast to Ethereum, the ETH/BTC spread has a negative moving average set-up, although the 20-day ma has now been broken. Further upside may be slow as the pair is now near an old trading zone from September to early November last year that may take time to break. The 50- and 200-day moving average will also act as short-term areas of resistance. However, if these are all broken, then there is an air pocket back to the mid-January double top around 0.077920.
Ethereum/Bitcoin (ETH/BTC) Spread Daily Chart – April 4, 2023
Charts via TradingView
One date that Ethereum traders should have in their dairy is April 12 when the Ethereum Shanghai upgrade takes effect. This upgrade will allow Ethereum network validators to withdraw their staked ETH, although the speed of withdrawal will likely be decided by individual staking pools. The largest Ethereum staking pool, Lido Finance, has already revealed that withdrawals of staked Ethereum (stETH) will not happen until May.
What is your view on Ethereum – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.
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