Once investors pulled over $20 billion from failing financial institutions, including Signature Bank and Silicon Valley Bank, interest in Ethereum (ETH) surged. Several key on-chain indicators, including the recent uptick in decentralized finance (DeFi) activity, suggest that Ethereum is poised for a bull rally in the weeks ahead.
Using CoinCodex’s technical analysis indicators, Finbold was able to get a price prediction for the price of Ethereum on Easter Sunday, 2023, slightly before the long-awaited Shanghai update, which is set to occur on April 12. A successful launch is expected to cause a price surge, while the sale of around 16 million staked ETH tokens is anticipated by certain investors.
According to information gathered on March 24, it is projected that ETH will trade at $1,763 on April 9, Easter Sunday.
In comparison, the machine learning algorithm-based crypto tracking platform PricePredictions expects a much higher climb in the asset’s valuation to trade at $1839.99 on April 9, according to data obtained on March 24.
The forecast uses different technical indicators, such as the Bollinger Bands(BB), moving averages (MA), moving average convergence divergence (MACD), relative strength index(RSI), and others, to predict the price.
Ethereum price analysis
The Global In/Out of the Money (GIOM) statistics offered by IntoTheBlock give some valuable information into the probable positive price performance of ETH.
As the price of Ethereum approaches the $2,000 zone, it is highly likely that it will encounter only mild resistance. 2.8 million addresses, which together possess 3 million ETH, have the potential to benefit here. In spite of this, an increase toward $2,900, an area where 26 million addresses purchased 8.3 million ETH, is likely to occur if the current sell zone does not disrupt the rally.
The price of Ethereum has to go below the level of $1,600, which indicates that 14.3 million addresses have already acquired 8.3 million tokens for the bears to gain control of the market. A prolonged decline below this support zone might set off a strong downswing below $1,400, which could prompt a cluster of 16 million addresses to try to unload part of their 6.4 million ETH in order to protect themselves from additional losses.
Thus, holders of Ethereum will be paying careful attention to the Shangai upgrade, to see how the events play out. Currently, ETH is trading at $1,782 up 1.46% in the last 24 hours and a further 3.24% across the last week with a total market capitalization of $218 billion.
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