ETH Price Prediction: ETH Breaks Above $1850 Resistance Level. Where Next ETH?

Updated: 06 April 2023

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On Tuesday morning, Ethereum (ETH) experienced a surge to an eight-month high in anticipation of its upcoming network upgrade.

The cryptocurrency traded at $1,884, a price level not seen since August. While there has been a slight drop in price since the morning peak, Dubbed “Shapella,” the Shanghai upgrade is scheduled for April 12 and will mark Ethereum’s complete transition from a proof-of-work (PoW) to a proof-of-stake (PoS) network. Following the upgrade, users can withdraw their staked Ether for the first time since the previous Merge upgrade in September.

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 transition to a PoS network will drastically reduce the network’s energy consumption by 99.9% and offer users a way to earn passive income through staking their crypto. Staking involves receiving financial rewards for contributing to the blockchain network.

ETH Market Price Analysis

At the time of writing, Ethereum (ETH) is trading at $1,886.94, having decreased by 1.33% in the last 24 hours but increased by 5.45% over the past 7 days. The cryptocurrency has a circulating supply of 120 million ETH and a market cap of $228,079,770,182.

ETH Price Chart. Source: CoinGecko.com

Trading volume for ETH in the past 24 hours was $10,149,307,282, a 22.50% decrease from the previous day. This signals a recent fall in market activity. The highest recorded price for Ethereum was $4,878.26 on November 10, 2021, while the lowest recorded price was $0.432979 on October 20, 2015.

Compared to the all-time high price, the current price of ETH is lower by 61.18%, while it is 437,282.22% higher than the all-time low price. In the last 7 days, Ethereum has outperformed the global cryptocurrency market, with a price increase of 5.50% compared to the market’s 2.00% increase.

Previous ETH Price Analysis

In the previous analysis, the price of ETH oscillated along the resistance level at $1850 for the past three weeks, maintaining a strong resistance zone. There had been an upward trend since the beginning of 2023, forming an ascending triangle pattern with rising trend lines as support and a horizontal level of resistance, indicating a definite buying trend.

However, the consistently high resistance levels implied higher selling pressure, making a potential breakout move challenging. The 50-day and 200-day moving averages were trading well below the market price, with the 50-day moving average trading below the psychological support at $1700.

At that time, ETH was on a retracement, but the support level was at $1700 might cause the price of ETH to rebound and surpass the resistance level. If this occurred, the bullish pattern of the ascending triangle would suggest a price target of between $3,350 and $3,900, based on where traders observed the triangle’s rising trendline support.

ETH/USD Daily Chart Analysis

ETH/USD Chart Analysis. Source: Tradingview.com

ETH price has had a prolonged state of consolidation along the $1850 resistance zone, with prices ranging between $1700 and $1850. However, beginning the first week of April 2023, the price of ETH broke above the resistance level and traded at $1891, close to the $2000 target. The 200-day and 50-day moving averages show a solid bullish move for the ETH price, with the 50 day moving average acting as a support for the ETH price. The relative strength index is also doing well, trading at 63.

ETH Price Prediction

Based on the technical analysis above, the price of ETH is on a bull run. However, the buying trend might be short-lived because of the resistance at $2032. This gives us our ETH prediction at $2032. An inverse prediction stands at $1900 should the retracement occur.

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