After seeing a significant push up until these last few days, the cryptocurrency market is once again stabilizing inside a very narrow range. Bitcoin‘s value surged beyond $28,000, but maintaining these levels seems like a difficult task. In addition, Ethereum, which has recently shown adequate strength in comparison to Bitcoin, is once again poised to outperform the leading cryptocurrency. The crucial resistance, which can provide the boost needed to reach the target of $2000, is once again in the path of Ethereum’s value.
In front of the Shanghai Hard Fork, which is expected for April 12, the price of ETH recently reached highs above $1900 for the first time in 2023.But it’s said that the current consolidation is the time to “sell the news.” Prior to this increase, the value saw a rise, reaching a high of $1924.47.
The most significant Ethereum addresses are divided between alternate and non-exchange because their balances are moving in the opposite direction, according to the on-chain monitoring system Santiment.
While the 10 largest alternate addresses have reached an all-time low in terms of ETH stability, the non-exchange addresses are still experiencing a spike. As the number of non-exchange players increases, this indicates a decrease in the selling pressure, which is bullish for the altcoin.
Since November 2022, the ETH value has been buying and selling inside a rising parallel channel. Despite a breakdown in March 2023, it was able to regain the lost positions. If the value is able to surpass the channel’s normal ranges, a sharp rise might push the degrees over $2000 and up to $2232. At that point, the bearish thesis might also be proven false. On the other hand, a slide below the channel’s lower trendline may confirm yet another “buy the rumor, promote the information” event prior to the Shanghai Hard Fork.
