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The price of Ethereum (ETH/USD) is showing an upward trend and has surpassed the $1800 mark, while Bitcoin has reached its highest level in the past 10 months. However, Ethereum is still trading 11% below its August 2022 peak, when it reached $2,030.
Additionally, Ethereum’s price is lagging behind Bitcoin, as Bitcoin’s dominance in the market has reached its highest level since June 2022. The cryptocurrency market is relatively stable on Thursday, with Bitcoin holding steady above $28,000.
Ethereum’s Shapella Upgrade Goes Live. Experts Predict Potential Price Impact
ETH/USD is trading at $1803, marking a 0.69% increase for the day. Conversely, some of the smaller altcoins are experiencing adverse price movements, possibly due to Bitcoin’s growing dominance, which is expected to reach 48%.
With @ethereum's long-awaited #Shapella upgrade set to go live in April, validators will finally be able to withdraw their balance 🎉
We're proud to share Prysm engineer @jameshe_eth's overview on the upgrade & validator withdrawal process!
Learn more👇https://t.co/qa26LtkFeE pic.twitter.com/DUU9k0AMLP
— Offchain Labs (@OffchainLabs) March 30, 2023
Ethereum 2.0 is set to reach a significant milestone with the upcoming Shapella upgrade, scheduled to go live on April 12. According to the official Ethereum announcement, the long-awaited upgrade will be activated at epoch 194048 after being tested successfully on the Goerli network.
Once Shapella is implemented, the Ethereum supply locked in staking will become available for withdrawal. Some analysts predict that the Ethereum price may face selling pressure after the upgrade due to an increase in liquid supply. However, based on the chart analysis, there is still a good chance that the price could retest the $2000 level before the upgrade.
ETH Price Overview
Ethereum (ETH) is currently priced at $1,804.70, with a trading volume of $9,244,549,632 over the past 24 hours. Although ETH has increased by 0.51% in the last 24 hours, it has experienced a decline of -1.10% over the past 7 days. With a circulating supply of 120 million ETH, the market cap of Ethereum is valued at $217,445,745,950, making it the second-ranked cryptocurrency on CoinGecko.
ETH price. Source: CoinGecko
The highest recorded price of Ethereum was $4,878.26 on November 10, 2021, over a year ago. However, its current price is -63.02% lower than this all-time high price. On the other hand, the lowest recorded price of Ethereum was $0.432979 on October 20, 2015, over seven years ago. The price of Ethereum is 416,511.69% higher than its all-time low.
Ethereum’s market capitalization is determined by multiplying its token price with its circulating supply, currently at 120 million tokens. The fully diluted valuation (FDV) of Ethereum is also $217,445,745,950, representing the maximum market cap assuming all 120 million ETH tokens are in circulation. In the past 7 days, Ethereum has underperformed the global cryptocurrency market, which has experienced a 2.40% increase.
ETH Price Prediction: ETH/USD Technical Price Analysis
ETH/USD Daily Chart Analysis. Source: Tradingview.com
The price of ETH is still oscillating around $1800 since last week. However, the price has broken above the $1800 resistance low but is still in the resistance zone. The odds favor the investors, as the price might break above the resistance zone and reach the $2000 target.
Additionally, the price has formed a psychological support level that has been firm on the price of ETH, preventing a further fall in price. The price trades above the 50-day and 200-day moving averages, indicating that the bulls are entirely in control. Further, the relative strength index is bullishly strong, trading above 50. Therefore, based on the analysis above, if the price breaks above the zone, the $2000 target will be inevitable.
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