The second largest cryptocurrency Ethereum impressed the buyers as it recorded its latest 2023 high of $1,921 on April 05. Will the Shanghai upgrade, hype pump the market and take ETH above $2K.
Overall cryptocurrency market capitalization increased by 1.44% to $1.21 trillion today. The bullish momentum in Bitcoin and Ethereum lead to this growth in the market. However, BTC already reached its new 2023 high of $29,184 on March 30 and ETH did the same today.
Ethereum today overcame its key seven-month resistance at $1,900 and headed for the next conceptual round level of $2,000. The Shanghai upgrade and rise in Bitcoin price are the two vital reasons behind the ETH surge.
The Shanghai Upgrade, the latest hard fork of Ethereum, scheduled for April 12, 2023, further implements the key Ethereum Improvement Proposal (EIP)-4895 and several others. As a result of this EIP-4895 implementation, validators and stakeholders in Ethereum will be able to withdraw staked ETH from the Beacon Chain.
The Shanghai upgrade also known as the Shapella upgrade, a combination of words “Shanghai” and Capella”, two of the anticipated Ethereum growth proposals.
The rise in the price of bitcoin since last night could also be another reason for the rise in ETH. Thus at that time the price of the ETH/BTC pair increased by 1.76% to 0.6724 satoshis.
The Ethereum price is currently sitting at $1,912 against the USDT pair along with 2.41% overnight gain. Thus market capitalization reached $230.3 billion.
Amidst the bullish momentum, ETH price climbed above the 400-day simple moving average on the daily price chart. Furthermore, ETH bulls attempt to propel the asset further up the ascending parallel channel (mentioned above the chart) to record another higher peak.
