Ethereum (ETH) has recently seen a decent increase in price, breaking above the $1,750 resistance level and continuing to rally higher. The bulls successfully broke through the $1,860 resistance level, which has now become a support level for the altcoin. ETH has set a new multi-month high of $1,944, but some warning signals are being demonstrated by the RSI. However, the price is still clearing the $1,800 resistance level on the daily chart.
The overhead price ceiling for ETH is currently set at $1,930, but the ultimate goal for the bulls is to break the $2,000 mark. Nevertheless, analysts are warning that there may be heightened selling pressure within the next few weeks due to the over 1.1 million ETH being awarded to validators and available for immediate withdrawal after the Shanghai Upgrade (April 12).
Overall, ETH is currently in a bullish trend and traders should keep an eye on the support and resistance levels mentioned above, as well as any potential news or updates regarding the Shanghai Upgrade. Happy trading!
Written by Cyatophilum - Created 8 months ago - Last edited 8 months ago