ETHEREUM SEES RALLY FOLLOWING SHANGHAI UPGRADE
Ethereum pushes through $2,000 in lieu of the Shanghai Upgrade on Wednesday. The upgrade to the system allowed and activated the removal of more than 17.4 million ETH. This is from the new implementation of Ethereum’s proof-of-stake blockchain, and now for the first time since its launch in December 2020, investors may remove their stake. Its successful launch of the upgrade removed doubts of sell off, and also problems with the blockchains upgrade.
ETH has hit a high of 12.10% gains late Thursday night, citing the price of $2,130.
ETH dominance has risen 5.82% within the last 24 hours, while Bitcoins’ dominance has fallen 1.96%
JUDGING THE MOVE FROM A MACRO PERSPECTIVE
Zooming in closer on the macro for Ethereum, the move not only came as anticipated but has been executed to a tee. $2,131 was the 2.618 extension from the current trend high to low, and was met within 20 cents at $2,130.80. On the 4 hour chart perspective, it seems Ethereum may be at the over exhausted stage, citing the 85 on the RSI or Relative Strength Index. Judging price action from years earlier, 85-90 on the RSI is the most Ethereum has seen for an oversold number. It looks as if ETH is to continue, it may face that hurdle of that resistance.
Though as macro suggests, ETH has a pullback that it could be poised to return to. $2,015 would be the 1.618 retracement and $1,945 would be the 1.00 retracement. Both retracements are still bullish for the crypto at large. A retest on back of the $1,945 would solidify the bullish trend continuation and would entice further price appreciation for the asset at a more gradual pace.
Bitcoin has done well along with the market, and is up 3.5% in the last 24 hours.
