Ethereum (ETH) prices, charts, and analysis
- Ethereum is breaking the multi-month resistance.
- Shanghai upgrade passes without incident.
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Most read: Ethereum (ETH/USD) is rising as the Shanghai Upgrade looms
Ethereum is rallying strong and is back to levels last seen in September last year. The second largest cryptocurrency by market cap broke sharply higher in the middle of the week after the successful implementation of its latest update. Ethereum Shanghai upgraded without incident on Wednesday. This upgrade allows validators of the Ethereum network to withdraw ETH (stETH), though the withdrawal speed will be determined by individual staking pools. According to the Ethereum roadmap, bet withdrawals refer to transfers from the validator account on the Ethereum consensus layer (Beacon Chain), to the execution layer where it can be transacted. In short, any Ethereum that was frozen as stETH can now be changed back to ETH on a 1:1 basis and sold if needed.
Market fears that the upgrade could unlock billions of dollars of Ethereum in the market have yet to materialize. While some stETH has been withdrawn and sold, some groups of validators have already said that withdrawals will not happen immediately. Lido Finance, the largest staking pool, said a few weeks ago that stETH withdrawals would not take place until May.
Ethereum is back above $2,100 and is looking to press higher. If we use the medium-term Fibonacci retracement from March 28, 2022 of the swing high of $3,582 to June 13, 2022, low of $880, a 50% retracement of this move can be seen at $2,231, while the 61.8% retracement is at the level $2,550.
Ethereum (ETH/USD) Weekly Price Chart – Apr 14, 2023
Ethereum’s recent weak performance against its Bitcoin peer also rose this week. The previous support level from mid-March prevented the spread from falling, and a retest of this level this week led to a trend reversal and an upside. A previous resistance level has been removed by today’s move higher and it will be interesting to note if the spread opens above this level. The 200 day SMA (black line) is the next technical level of resistance.
Ethereum / Bitcoin (ETH / BTC) Daily Chart – Apr 14, 2023
Charts via TradingView
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