Ethereum takes advantage of Shanghai to soar – While the course of Bitcoin is back above 30 000 dollarsthat of theEther is back above 2 000 dollars. Ethereum had been trading below $2,000 since August 2022. Operators benefit from the success of the shanghai update to drive up the price. Could Ethereum’s Recent Rise Continue? Could altcoins finally benefit from capital turnover? Let’s take stock of the situation of Ethereum and altcoins!
Direction 2,400 dollars for the course of Ethereum?
After the successful update, buyers finally showed up, allowing the price to rise above $2,000. The course ofEthereum (ETH) is even overtaking the last peak located at 2 030 dollars. Closing this way on a weekly basis would relaunch a bullish momentum.
The course is breaking the resistance at $1,900. The next resistance is located at $2,400. However, it may be a simple deviation above $1,900. The breakout should be confirmed using this level as support. THE institutional bias (EMA 9/EMA 18) is bullish. It could act as a dynamic support in the event of a fall. The bulls need to hold the level at $1,700 to avoid marking a deviation.
The RSI East bullish. It continues to show ascending lows and highs. Buyers have their hands on the momentum.
In 4 hours, the price of Ethereum is in an uptrend
The price of ETH shows a bullish momentum. The troughs and peaks are ascending.
Currently, the course is at the level of the resistance at $2,130 in 4 hrs. If the buyers push, the price could reach the next resistance at $2,350. In the event of a rejection here, the price could retrace to the level of the next support in 4 hours at $2,000. THE institutional bias is oriented to rise. It could act as a dynamic support.
The RSI shows momentum with bottoms and rising tops. THE buyers always have the hand on momentum.
Do whales change their behavior after the Shanghai update?
If we are interested in entities with more than 10 000 ETHwe note that they have accumulated, from November 2022 to the end of December 2022, prices around 1 200 dollars. Then, from January to April 2023, the whales distributed as can be seen in this graph.
Recently, addresses with more than 10,000 ETH seem to have changed behavior. It’s still a bit early to talk about accumulation, but these addresses have stopped distributing. We will have to see if the trend continues or if these entities intend to continue distributing in the coming weeks.
The ETH/BTC pair is bouncing back
The course is in a range between 0.06 and 0.08 BTC. For a few months, the pair had been falling. Recently, the price slipped below the intermediate support from range to 0,066 BTC.
Buyers reacted. It might just be a deviation below support. However, it will be necessary to confirm by breaking the bearish trendline. If the buyers manage to break the trendline, the price could return to the level of the upper limit of the range at 0.08 BTC. This is a scenario that would do good for altcoins that have struggled to express themselves for some time. Attention ! If the price falls below the support again, the price could reach the bottom of the range at 0.06 BTC.
The RSI is attempting a breakout of the bearish trendline. If the trendline gives way, the price of the ETH/BTC pair could experience bullish volatility. The RSI appears to be reigniting momentum with bottoms and rising tops. THE buyers could resume hand on momentum.
Bitcoin dominance above 47%
Despite the recent drop in Bitcoin dominance, the price remains bullish.
For altcoins to benefit from capital turnover, the price would have to fall below the resistance and the dynamic changes. At the moment, the lows and highs are ascending. No local top sign to report. If the price continues to climb, altcoins will continue to suffer. Ethereum seems to be getting back on track. Let’s hope the trend continues. In effect, Ethereum being the leader des altcoins. If it continues to climb, altcoins could follow.
Altcoin capitalization back to resistance at $670 billion
We’ve been talking about it for several weeks. The price is back at the weekly resistance level at $670 billion.
The course has bounce the level of institutional bias. The capitalization of altcoins continues to show bottoms and rising tops. In the event of a slight drop, the institutional bias could allow a rebound. Be careful, the rresistance at $670 billion could push price back, as it did in August 2022. If the buyers push and resistance breaks, price could move towards the next resistance at $950 billion. Altcoins could have a shot in the coming weeks.
The RSI continues to show bottoms and rising tops. THE buyers have the hand on momentum.
For now, the update Shanghai does not cause no sale. On the contrary, buyers take advantage of this to drive up the price. If the price closes above $2,030 on a weekly basis, the bullish momentum will be revived. In the short term, the price is moving just below the resistance at $2,130. If the buyers push, the next resistance is found at $2,350. THE entities having more than 10,000 ETH in wallet seem change behavior. We will have to see if they continue to accumulate at these levels in the coming weeks. The pair ETH/BTC is in the process of bounce. But it would have to be confirmed that the fall below the intermediate support of the range was only a deviation.
The dominance du Bitcoin stay bullish. It would take a strong rejection below the monthly resistance at 47% for altcoins to benefit from capital turnover. For its part, the capitalization of altcoins joined the resistance at $670 billion, well helped by Ethereum. In the event of a break of the resistance, the price could reach the next resistance at 950 billion dollars.