The much-awaited Shanghai Upgrade for Ethereum (ETH), also known as “Shapella,” has finally been launched. This upgrade enables individuals who have staked ETH to secure and validate transactions on the network to withdraw their staked ETH tokens. Traders have reacted positively to the deployment of the upgrade, with ETH’s price rising by 2.64% over the past 24 hours, according to CoinMarketCap. This 24-hour gain in the altcoin leader’s price has flipped its weekly price performance into the green at +1.34%. As a result, ETH is currently trading at $1,916.54 at press time.
Moreover, ETH has also gained on Bitcoin (BTC) over the last 24 hours and is currently up 2% against the crypto market leader. Furthermore, ETH’s daily trading volume has risen by over 27% in the last 24 hours, elevating its total trading volume to around $11,027,632,187 at press time. The daily chart for ETH/USDT (Source: TradingView) shows that ETH’s price is currently resting on a positive trend line that was established over the last 2-3 weeks. During this period, ETH’s price consistently printed higher lows. However, a break below this level may result in ETH’s price dropping to as low as $1,850 in the next 24-48 hours.
One technical indicator, the RSI, on ETH’s daily chart suggests that the altcoin’s price will close today below the trendline. At press time, the RSI line is sloped negatively towards the oversold territory. In addition to this, the RSI line is on the verge of crossing bearishly below the RSI SMA line. Conversely, if ETH’s price closes today’s trading session above the trendline, it will continue its ascent and look to make a move towards the next resistance level at $1,995 in the next 24-48 hours.
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In conclusion, the deployment of the Shanghai Upgrade has had a positive impact on ETH’s price, with traders eagerly anticipating the next resistance level at $1,995. However, it is crucial to exercise caution and conduct thorough research before making any investment decisions.