– Ethereum price held steady above the $1,800 level and holders gear up for an explosive move in the altcoin with Shapella upgrade.
– Analysts target the equal low at $1,770 when opening shorts in the altcoin.
– Ethereum staking in the ETH2 deposit contract and liquid staking gain popularity closer to the Shapella upgrade.
Ethereum price tackled resistance at the $1,800 level before climbing higher on April 3.With the Shapella upgrade fast approaching, analysts are eyeing the Ethereum network for an explosive move in ETH price.
Interestingly, there is a spike in the volume of Ethereum staked in the ETH2 deposit contract and liquid staking protocols like Lido, ahead of Shapella.
Also read:
Ethereum price shows sign of rally, will Ethereum climb to $2,000?
Ethereum price climbs above $1,800 with Shapella fast approaching
Ethereum price climbed above $1,800 on April 3 after sideways price action.The altcoin yielded nearly 2% gains for holders since Monday, gearing up for its next big upgrade, the Shanghai hard fork, also known as Shapella.
Experts believe the altcoin would likely coil and make an explosive move with the Shapella upgrade.Justin Bennett, a crypto analyst and trader evaluated
Ethereum price action and concluded that a massive rally is likely in the second largest cryptocurrency by market capitalization, in the following weeks.
Ritesh, a crypto analyst on Twitter shared a target of $1,770 equal lows for shorts in Ethereum.
— Ritesh✺ (@Ritesh_Trades)
[$ETH]probably a better short soon targeting this equal low [pic.twitter.com/mKtHX5zLNe] [April 3, 2023]
Why Shapella upgrade is key to Ethereum
The Shapella upgrade, also known as the Shanghai hard fork, is expected to unlock the staked Ethereum in the ETH2 deposit contract for the first time since its deployment in 2020.This makes it the most important upgrade in altcoin since the transition to Proof-of-Stake, in the Merge.
In the 157th AllCoreDevs meeting, the Ethereum developer team decided on April 12 as the date for mainnet activation of the Shapella upgrade.
The upcoming token unlock has failed to deter analysts and ETH ecosystem participants from staking the altcoin in the
ETH2 deposit contract and liquid staking platforms like Lido.
ETH stakers
Lido accounts for nearly 5.6 million staked ETH tokens and represents 31% of the share of the staking market.The liquid staking protocol is followed by Coinbase, Binance and Kraken among others that provide the ETH staking service.
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