The price of Ethereum's Ether (ETH) token continues to make progress towards the historical mark of $2,000 and this comes after a successful launch of its network's long-awaited Shanghai upgrade.

On April 13, Ether's price increased by 4% on Coinbase and reached an intraday high of $1,996, despite the concerns of selloff pressures the Shanghai upgrade could cause to the market.

In essence, the Shanghai hard fork - also referred to as "Shanghai - allows users to withdraw their ETH from Ethereum's proof-of-stake smart contract. According to data gathered by Nansen, since the launch of Shanghai 24 hours ago, over 98,000 ETH worth around $194.8 million have been taken from Ethereum's voting balance reserves.

The stability of the Ether's price since the upgrade of Shanghai suggests that the market could handle any excess selloff pressure brought about by the event. It is plausible to conclude that most users decided to not sell their ETH staking rewards, possibly expecting further price bumps.

Currently, around 15% of Ethereum's total available supply of nearly 120.4 million ETH is staked, but over 70% is still underwater compared to the current price. This gives little hope to a sell-off event from ETH's staking withdrawals.

Short-term ETH/USD correction could be caused by Ether's daily relative strength index (RSI) being two points away from its overbought threshold of 70, and ETH/USD testing a critical resistance level near $1,990. This is a scenario that has happened before in May 2022 and August 2022 and it led to ETH's price pullback. Such a correction would be heading towards its 50-day exponential moving average (50-day EMA), at around $1,750.

A decisive breakout above $2,000 - a psychological boundary - could push Ethereum's price further upwards, to $3,000. It is important to keep in mind that investment and trading comes with risk and require their own research in order to make informed decisions.



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