Ethereum Hits $1,900 Before Shanghai Update

The Shanghai update or hard fork on Ethereum triggered the price of Ethereum, which reaches $1,900 six days later.

He next April 12th will take place next update or hard fork of ethereum called Shanghai. Before that, the value of the second most important cryptocurrency on the market reached $1,900 according to Jocelyn Yang at Coindesk.

ethereum recently traded at $1,913an increase of about 2.2% Earlier in the day, rose to $1,941, its highest level since last August.

“Ether appears to be rising more than a flag pattern, which supports short-term bullish tracking,” he said. Will Tamplin, senior analyst at technical analysis-based research firm Fairlead Strategiesto CoinDesk in an email.

The Shanghai update, also called Shapellawill mark the completion of Ethereum’s full transition to a Proof-of-Stake (PoS) network and will enable ETH stake withdrawals. It is expected to be released on April 12th.

Tamplin said that Ethereum will likely find its resistance initially near $2,000“a psychological threshold that roughly aligns with the August 2022 discharge. From him Initial support is near the $1,670 levelTamplin added.

bitcointhe largest cryptocurrency by market cap, is stable since tuesdayat the same time, to be negotiated in about $28,280. The main cryptocurrency is in one range limited between $27,000 and $28,500 for much of the last three weeks,

Greg Magadini, head of derivatives at cryptanalysis firm Amberdatanoted in an email about the crypto options markets 25 ETH delta calls have become more expensive than 25 ETH delta putswhich showed the preference of merchants for head exposure. Typically, the call option buyer is bullish on the market, while the put buyer is bearish. Delta is a risk metric that estimates the change in price of a derivative, such as an options contract..

“The recent rally was largely led by Bitcoin, but now with the update and excitement around Twitter and Dogecoin speculation, we are seeing interest start to pick up in altcoins,” wrote Magadini.

Ethereum continued to become deflationarywith its annualized inflation rate currently at -0.32%, according to data from the ultrasound.money. This means that the the amount burnt is greater than the minted.

Nonetheless, the LDO from Lido DAO and the RPL from Rocket Poolthe governance tokens of net participation protocols, increased by more than 2%according to data from CoinGecko.

Among other altcoins, the Stargate Finance’s cross-bridge protocol native STG token gained over 14% on Wednesdaymeanwhile he Mask Network encrypted messaging protocol MASK token down 4%. He CoinDesk Market Indexwhich measures the overall performance of the cryptocurrency market, recently increased by 0.6% compared to the previous day.

“In the big picture, if the second quarter really proves to be a alt-driven quarterin a 2020 repeatso we expect the best trade is to smooth out any sharp spikes in volatility from here, both in BTC and ETH,” he said. Singapore – QCP Capitala crypto options trading company, in a Telegram broadcast on April 4.

“If we really are in the repeat of 2020, then the The second quarter consolidation will be a brief pause before the rally resumes in the third and fourth quarters.The company added: “The timing of this will be decided by how quickly the Fed changes course in the face of the rapidly slowing economy.”

ethereum It is trading at the open Thursday at $1,910 and crossing the 70-period moving average above the 200-period moving average would give us a bullish signal.

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