Ether had a pretty good week and a rare one when the coin beat BTC in performance. The surge in price was a result of the so-called Shepella upgrade of Ethereum network, in a wake of forthcoming Shanghai hard fork, scheduled for 12th April. In this sense, some higher volatility might be ahead for ETH. This is a major upgrade of the network, which would allow users of the staked tokens to use them without restrictions. The question still stands, if this upgrade will negatively impact the price of ETH, in case that majority of staked coins are sold on the market. Based on latest ETH futures prices, it seems that this will not be the case, however, things will be much clearer after the upgrade takes place.
As for current developments, the price of ETH reached its highest level at $1.940 during the previous week, when it reverted to the down side and short term support line at $1.850. It is interesting to see that the RSI is still moving below the clear overbought market side, besides strong price moves during the last month. The indicator ended the week around 59 level, still more oriented toward the overbought market side. Moving average of 50 days continues to converge from its MA200 counterpart, with which it continues to support the Golden cross.
Regardless of what technical indicators are pointing at this moment, 12th April will dictate the price of ETH in the week ahead. Significant upgrade is coming for the Ethereum network, and usually during these times, the market has its own logic of price movements. There is a high possibility that the price could go to the higher grounds, where the resistance line at $2K might be a target. At the same time it should not be expected that the price will hold at this level, since profit taking orders might be triggered at this level. The price might end the week at the same level at which it has started. Above assumption is based on price movements during previous hard forks, which does not mean that it would be the same this time. Anyway, trader’s precaution is highly advisable.
As for current developments, the price of ETH reached its highest level at $1.940 during the previous week, when it reverted to the down side and short term support line at $1.850. It is interesting to see that the RSI is still moving below the clear overbought market side, besides strong price moves during the last month. The indicator ended the week around 59 level, still more oriented toward the overbought market side. Moving average of 50 days continues to converge from its MA200 counterpart, with which it continues to support the Golden cross.
Regardless of what technical indicators are pointing at this moment, 12th April will dictate the price of ETH in the week ahead. Significant upgrade is coming for the Ethereum network, and usually during these times, the market has its own logic of price movements. There is a high possibility that the price could go to the higher grounds, where the resistance line at $2K might be a target. At the same time it should not be expected that the price will hold at this level, since profit taking orders might be triggered at this level. The price might end the week at the same level at which it has started. Above assumption is based on price movements during previous hard forks, which does not mean that it would be the same this time. Anyway, trader’s precaution is highly advisable.
