Altcoins
Ethereum Price Retests Highest Level in 10 Months Amid Post-Shapella Gains
Ethereum price has been hovering above the crucial $2,000 level for the past two days off the back of the successful Shanghai upgrade and the overall bullish sentiment in the crypto market. Ethereum, the largest altcoin by market cap has jumped by more than 10% since its upgrade on Wednesday, raising its year-to-date price to 72%.
Fundamentals
Ethereum price built on its post-Shapella upgrade on Friday as investors felt relieved following the successful Ethereum upgrade without potential negative effects. ETH’s price briefly climbed to $2,128.76 earlier on Friday, its highest level since May 16, 2022. The altcoin’s total market cap has inched nearly 3% higher to $247.8 billion over the past day, while the total volume of ETH traded increased by 17%.
The Ethereum network completed its long-awaited Shanghai upgrade on Thursday morning, pumping Ether’s price higher. The upgrade was intended to introduce new enhancements such as ETH validator withdrawal, improved security, and reduced gas fees. Many were initially concerned that the Shapella upgrade would pump selling pressure after the launch. Shanghai is the second-largest developmental upgrade on the Ethereum blockchain after last year’s Merge.
Ethereum has also been thriving on the decline in the latest US inflation data that has raised hopes of the Federal Reserve putting a pause or ending its interest rate hike cycle. Lower interest rates tend to pump liquidity into cryptocurrencies, raising their prices higher. The global crypto market has moved higher to $1.26 trillion in the past 24 hours, while the total crypto market volume rose by 25.71%.
The dollar index, which measures the performance of the US currency against six others has been falling following the latest US CPI reading and rumors about a dovish Fed. Data released on Thursday shows that the US Producer Price Index (PPI) fell by the most in almost three years in March. The US Treasury yields climbed on Thursday despite the positive economic data released earlier this week.
Ethereum Price Analysis
Ethereum price has been flashing green for the past few days, flipping the important resistance level at $2,000. At the time of writing, ETH was trading 2% higher at $2,052.19. On the daily chart, ETH has remained above the 25-day and 50-day moving averages, as well as the 50-day and 200-day exponential moving averages. Its Relative Strength Index (RSI) has moved higher into the overbought zone, while the MACD indicator remains bullish.
Therefore, I expect the Ethereum price to continue moving higher as buyers eye the next resistance level at $2,478. However, a move below the crucial support level at $1,900 will invalidate my bullish thesis.
ETH Price Chart
Ethereum price has been in consolidation mode for the past few days as macroeconomic concerns send investors into conservation mode. At the time of writing, Ethereum was trading slightly higher at $1,832.32. ETH’s total market cap, as well as its total volume, have increased over the past 24 hours. It currently has a market capitalization of $220 billion.
Fundamental Analysis
Ethereum price has been moving sideways for the past few days, in tandem with the global cryptocurrency market as investors shift their focus to US debt ceiling talks and Fed’s monetary policy outlook. The global crypto market cap has increased by 1.30% over the last day to $1.13 trillion, while the total crypto market volume fell by more than 7%.
The cryptocurrency market has been moving sideways for the past few days characterized by a mix of bullish and bearish trading sessions. The recent trend in the cryptocurrency market has been amid the uncertainty around the outcome of the US debt ceiling talks and the prospect of a US government default. With less than a week to default, investors have shifted to conservation mode, especially around risk assets such as cryptocurrencies.
Potential interest rate hikes by the US Federal Reserve have also been weighing on the markets. Traders have ramped up bets of an interest rate hike in the Fed’s next meeting in June after several policymakers sounded their support. According to a gauge released on Friday,…
Polkadot price has been under intense pressure for the past few days amid the recent bearish sentiment in the crypto market. At the time of writing, DOT was barely unchanged, trading at $5.351. The altcoin has dipped more than 25% for the past month but remains 24.23% higher in the year to date. The asset’s total market cap has slipped over the last day to $6.343 billion, ranking it the 13th largest cryptocurrency.
Is the Worst Yet to Come?
Polkadot price has been consolidating for the past few days amid the recent sell-off in the crypto market. Statistics by Coinmarketcap show that the global crypto market cap has dropped 1.29% over the last day to $1.13 trillion, while the total crypto market volume decreased by nearly 7%.
The biggest cryptocurrencies, Bitcoin and Ethereum, have been in a freefall for the past few days, falling to $26,880 and $1,807, respectively. Most altcoins, including BNB, Cardano, Solana, Shiba Inu, and Avalanche, have plunged seeing that most altcoins move in tandem with the performance of heavyweights Bitcoin and Ethereum.
Looking ahead at the global market mayhem with the US debt ceiling debate and the US banking crisis, investors expect more downside in the crypto market. The US dollar has continued growing stronger, hovering around a six-month high against the Yen, as optimism around the US debt ceiling talks in Washington raised expectations of higher-for-longer interest rates.
Two…
Ethereum price has been in the green for two consecutive days but is not out of the woods yet, as the altcoin remains below the crucial $1,900 level. At the time of writing, ETH was trading 1.51% higher at $1,826.50. Despite the current slight improvement in the asset’s price, Ethereum remains 2.38% lower in the past week and 15% below its highest level this year. The asset’s total market cap, as well as its volume, has improved over the last day.
Fundamentals
Ethereum price has been setting the path for both major and minor altcoins in the crypto market, seeing that most altcoins move in tandem with ETH’s performance. The Ethereum price has been trading around $1,800 for the past few days amid uncertainty regarding where the market would go. Ethereum, the largest altcoin by market cap, has plunged more than 10% in the past few days.
Concerns by investors about the coin’s losses could have driven the ETH price lower. Even so, optimism in the market has outweighed fear, preventing a drastic downfall of the asset. Most of the fear in the market was visible in the whales, who seemed to have bolted at the first sight of a potential downward trajectory.
The cryptocurrency market was in the green on Monday, hinting at a recovery on the back of a weak US Dollar. Data by Coinmarketcap shows that the global crypto market cap…
-
Bitcoin2 weeks agoBitcoin Price Retests Crucial Support at $26,500 as Regulatory Concerns Intensify
-
Altcoins1 week agoPolkadot Price is in Consolidation Mode: What Next?
-
Altcoins2 weeks agoEthereum Price Tilts Slightly Higher as Focus Shifts to Fed Speakers
-
Bitcoin3 days agoBitcoin Price: BTC Bulls Need to Sustain Current Momentum for Further Price Growth
-
Uncategorized2 days agoLitecoin Price Slips 8% as Concerns Over the US Debt Ceiling Talks Grow
-
Altcoins4 mins ago
Ethereum Price: ETH Has Managed to Flip Major Hurdle at $1,800
