Ethereum (ETH) is on the cusp of a significant breakout, with the digital asset recently showing remarkable strength, reclaiming a crucial support level between $1,700 and $1,780.
Notably, during this critical level’s reclaiming process, an impressive 1.41 million addresses bought 6.48 million ETH, indicating a growing interest in the asset. Furthermore, this support level’s successful reclaiming marks an important milestone for ETH, as it has provided a crucial base and cleared the path for further upside potential.
Indeed, crypto trading analyst Ali Martinez highlighted on March 29, using IntoTheBlock’s In/Out of the money around price chart, that “given the lack of significant resistance ahead, it is entirely reasonable to expect further upside,” based on information for ETH addresses that bought between $1,533 and $2,077.
In summary, the current market trends suggest that ETH is primed for a significant surge in value. As Martinez noted, with a solid base established and no considerable resistance ahead, the asset’s upward trajectory is ‘poised to break out.’
Ethereum price analysis
Currently, Ethereum is changing hands at $1,818, up 5.21% in the last 24 hours and 1.47% across the previous week, with a total market capitalization of $222 billion.
Meanwhile, the one-day gauges at the finance analytics platform TradingView indicate a bullish sentiment for ETH, considering that their summary is in the ‘strong buy’ area at 17 – the result of moving averages suggesting a ‘strong buy’ at 14 and oscillators pointing to a ‘buy’ at 3.
Finally, it’s worth mentioning that the Shapella network upgrade will be activated on the Ethereum mainnet on April 12, following an official consensus reached by core developers, according to a blog post by the Ethereum Foundation on Tuesday, March 28.
The EIP-4895 standard will be added to the Ethereum network after the whole of the Shapella update has been implemented. This EIP will make it possible, for the first first time, to withdraw ether that has been staked. In addition, Shapella has made various modifications to its network to reduce the transaction costs associated with certain activities.
Investors will be hoping that this has further bullish implications for the price of ETH as more than 90% of holders take their Ethereum off exchanges.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.