Ethereum: Should Investors Expect a Breakout?
ETH is displaying robust strength and is potentially on the verge of a significant breakout.
This is evidenced by the fact that 1.41 million addresses purchased 6.48 million ETH while reclaiming a vital support level between $1,700 and $1,780.
This milestone has paved the way for further upside potential, as there is currently no considerable resistance ahead.
According to crypto trading analyst Ali Martinez, ETH is poised to break out as a result.
#Ethereum is poised to break out! 🐂🎇#ETH reclaimed a crucial support level between $1,700 and $1,780, where 1.41 million addresses bought 6.48 million $ETH. As long as this level holds, it's reasonable to expect further upside, given the lack of resistance ahead. pic.twitter.com/LMfVPpAu34
— Ali (@ali_charts) March 29, 2023
ETH is trading at $1,806, up 5.35% in the past 24 hours. This price is down 63.5% from its November 2021 all-time high of $4,878.
TradingView’s one-day gauges indicate a bullish sentiment for ETH, with their summary in the ‘strong buy’ area at 17.
READ MORE: Hong Kong Sets Its Sights on Becoming Asia’s Leading Crypto Hub
Finally, the Ethereum protocol support team has announced that two weeks from now, on April 12, the hard fork will occur following a successful Goerli testnet transition.
It's happening 🎊
Shapella is scheduled on mainnet for epoch 194048, scheduled for 22:27:35 UTC on Apr. 12, 2023 📆
Client releases compatible with the upgrade are listed in the announcement below 👇https://t.co/I0hSv9lnjz
— timbeiko.eth (@TimBeiko) March 28, 2023
This upgrade combines changes to the execution layer (Shanghai), the consensus layer (Capella), and the Engine API and will allow for the withdrawal of staked ETH.
Bug bounty rewards have been doubled until April 5 for those searching for vulnerabilities in Shapella.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
