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Ether Circles Above $1.9K as Shanghai Hard Fork Nears

Ether (ETH), the native token of the Ethereum blockchain, circled above $1,900 for much of Wednesday a week before the Shanghai hard fork.

The second largest cryptocurrency by market capitalization was recently trading at $1,913, up about 2.2%. Earlier in the day ETH surged to $1,941, its highest level since last August.

The Shanghai upgrade, also called Shapella marks the completion of Ethereum’s full transition to a proof-of-stake (PoS) network, and will enable staked ETH withdrawals. It is expected to go live on April 12.

Tamplin said ETH is likely to meet its resistance initially near $2,000, “a psychological threshold that roughly aligns with the August 2022 high.” Its initial support is near $1,670, he added.

Bitcoin (BTC), the largest cryptocurrency by market value, was about flat from Tuesday, same time, to trade at around $28,280. BTC has been range-bound between $27,000 and $28,500 for much of the past three weeks.

(by James Rubin)

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