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Ethereum Price On The Move To $2,000 As Devs Confirm Staking Withdrawals

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Ethereum Price On The Move To $2,000 As Devs Confirm Staking Withdrawals
Ethereum Price On The Move To $2,000 As Devs Confirm Staking Withdrawals

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Ethereum price has been awakened by the latest announcement from the Ethereum Foundation, confirming the Shanghai upgrade, expected in April. This could mark another bullish week for the second-largest cryptocurrency as it makes the ultimate attempt to break above resistance at $2,000.

The Ethereum Shanghai Upgrade To Go Live On April 12

The Ethereum Foundation has confirmed to the community that the largest smart contract platform will finally unlock the full potential of the proof-of-stake (PoS) consensus mechanism on April 12.

“Withdrawals are coming! The Shapella network upgrade will activate on the Ethereum network at epoch 194048, scheduled for 22:27:35 UTC on Apr. 12, 2023,” the Ethereum Foundation said via a blog post on Tuesday evening.

Shapella is a name recently coined to replace Shanghai because it combines changes recently applied to Shanghai, the hard fork’s execution layer, and Capella, the upgrade’s consensus layer as well as the Engine API.

Developers expressed confidence in the development after the Goerli testnet was completed without any hitches. Excitement rocked the market on Friday with investors now looking forward to a finite date when the Shapella upgrade would be activated on the mainnet.

The date, April 12 was picked after a consensus was reached during the 157th AllCore Devs Execution Layer meeting.

Shapella is the second most complex upgrade since the Merge, it mainly focuses on enabling “validators to withdraw their stake from the Beacon Chain back to the execution layer. It also introduces new functionality to both the execution and consensus layer,” the Ethereum Foundation said in the announcement.

Ethereum Price Gears Up For $2,000

Ethereum price has been awakened by the news surrounding the Shapella upgrade, it is up 6% in 24 hours. Interest in the upgrade mainly comes from validators who locked at least 32 ETH in the Beacon Chain smart contract and stakeholders who want to see the Ethereum network become a full PoS protocol.

The Ethereum and Bitcoin-led rally, which defied the banking turmoil in the United States and Europe stalled late last week and remained depressed on Monday and Tuesday as the Commodity Futures Trading Commission (CFTC) sued Binance for violating derivatives rules in the US.

Ethereum price increased in price from $1,372 on March 10 to $1,862 on March 23 before correcting to $1,690 on Monday. Liquidity at the support highlighted with the yellow band overwhelmed the selling pressure, allowing bulls to take the reins.

Ethereum Price On The Move To $2,000 As Devs Confirm Staking Withdrawals
ETH/USD daily chart

The largest smart contracts token now trades at $1,804 after bouncing to reclaim higher support at $1,800. Bulls are facing their biggest test yet in March, which will determine if they will sail smoothly to $2,000 or settle for another pullback.

The technical picture on the daily timeframe chart reveals buyers have the upper hand. However, ETH must push above the descending trendline resistance to convince buyers still on the sidelines that the uptrend has enough momentum to lift to $2,000.

Despite the support provided by the Shapella upgrade, a bullish outcome is not guaranteed, particularly because of rising uncertainties in the market like the banking crisis in the US, whose effects could trickle down gradually, stifling recovery.

However, Bitcoin and Ethereum have shown that investors can trust digital assets to hedge against certain risks and uncertainties in the traditional banking sector.

Before celebrating this new “safety net” development, the crackdown on crypto businesses by US regulators is a factor that must be taken seriously, especially now that Binance and its CEO Changpeng Zhao have been ensnared by the CFTC’s dragnet.

Levels To Watch As Ethereum Price Attempts Breakout – 4-Hour Chart

Ethereum price is trading above all the applied major moving averages, starting with the 200-day Exponential Moving Average (EMA) (the line in purple), the 100-day EMA (line in blue), and the 50-day EMA (line in red).

Support at $1,800 is important for the continuation of the uptrend both on the daily and four-hour timeframes. Holding above this level would add credibility to the uptrend while allowing the Moving Average Convergence Divergence (MACD) indicator to sustain the bullish outlook with the current buy signal.

Ethereum Price On The Move To $2,000 As Devs Confirm Staking Withdrawals
ETH/USD daily chart

Ethereum price is currently boxed between two strong levels comprised of critical support at $1,700 and resistance at $1,850. If Ethereum price breaks out to either side of this range, it could result in two different outcomes.

A break below $1,700 might pave the way for losses to $1,600 while price action above $1,850 would bring Ethereum closer to reaching the psychological resistance at $2,000. Given that this acute seller congestion is out of the way, FOMO could grip market participants aiming for the next recovery phase in the range above $3,000.

Ethereum Alternatives To Buy Today

It is anticipated that the Shapella Ethereum upgrade will attract more investors to purchase ETH, with hopes of capitalizing on the gains to $2,000 and subsequent moves toward $3,000. Nevertheless, investors may want to explore some of the best altcoins with promising risk-reward ratios for optimal investment opportunities.

InsideBitcoin reviews the best crypto presales to buy as investors adjust their crypto portfolios as Q1 2023 comes to an end.

First on this list is Love Hate Inu’s, presale has raised $1.84 million in the first month of its debut, selling LHINU tokens in stages 1, 2, and 3 of the presale. Experts in the crypto industry have within this short time rated Love Hate Inu as the best crypto presale to buy in 2023.

Investors who are piquing interest in Love Hate Inu must, however, rush to catch the price in the 3rd stage before it rises to $0.000105 in the fourth stage – arriving in less than 6 days. Love Hate Inu expects to list on exchanges at $0.000145, meaning investors who bought LHINU in stage 1 would have gained roughly 41% in paper value.

Love Hate Inu is a top-of-the-line voting token with the ability to allow everyone, without the fear of judgment or prejudice, to express their opinions on vibrant topics—and while doing so, they can earn rewards and eek a living.

Similarly, investors could look into Fight Out, a new play-to-earn ecosystem that has raised $5.94 million from investors as its presale closes in on the finish line—only 2 days remaining.

This new crypto project stands out for its revolutionary approach to fitness gamification and an integrated virtual world. Fitness experts around the world have singled out Fight Out’s team for removing the barriers to entry in Web3 to easily onboard Web2 users.

Although the presale is closing on March 31, investors can still buy FGHT tokens at a discounted price.

Fight Out integrates strong train-to-earn models to bring fitness to the Web3 realm using inexpensive NFT avatars, the metaverse, and cryptocurrency rewards.

Metropoly is an up-and-coming ecosystem, seeking to revolutionize the global real estate investment scene. Like Love Hate Inu, Metropoly taps the power of blockchain technology to change the way people around the world buy and sell properties.

Experts in the crypto market are already predicting a faster growth rate for METRO with the likelihood of reaching the $1 billion market cap in 2023.

As one of the best altcoins to buy for crypto portfolio diversification in 2023, Metropoly has entered stage 10 of the presale with $1.04 million raised.

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