Ethereum (ETH) is continuing its march towards $2,000, having climbed to its highest level in 8 months, reaching $1,909 on Wednesday, April 5. This surge comes alongside a broader market rally, with Bitcoin testing resistance at $29,000.

The bullish trend of ETH is in part due to an increase in activity on its network, with more users utilizing it for various purposes. A response to this increased demand has seen shark investors (those holding 100-10,000 ETH) accumulating $4.24 billion over the course of the last 9 months, per data from crypto analytics firm Santiment.

Cryptocurrency trading expert Ali Martinez believes Ethereum is now breaking out, reporting that the next resistance level lies beyond $2,100, with minimal resistance supply walls between it and this critical level. Martinez stated last week that, given the lack of resistance, further upward movement for ETH was expected, a prognosis now proven accurate with the price of Ethereum trading at $1,910 as of writing.

The Shapella network upgrade is set to be activated on the Ethereum mainnet on April 12, by adding the EIP-4895 standard after the completion of the Shapella update. Shapella has made significant changes to its network to reduce the cost of transactions associated with certain activities, making it possible to withdraw previously staked ether. Investors hope this update will provide an additional opportunity for ETH to ultimately break $2,000.



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