After reaching a resistance level of $1,925, Ethereum prices dropped and went below the $1,880 level. This was a short-term resistance zone for Ethereum, which was facing a similar predicament as Bitcoin.
Later on, ETH prices tested the support zone at $1,820 and formed a low at $1,825. After that, prices started to move upward. Bullish investors were able to increase the price, so it went past the $1,850 resistance level. It was also trading above the 100-hourly Simple Moving Average.
However, there was a break once it reached a bearish trend line, facing resistance around $1,855 on the ETH/USD hourly chart.
Price Increase Ahead of Shappela Upgrade
On April 6, Ethereum briefly touched the $1,900 level for the first time since August last year. According to blockchain data, crypto whales have been swarming to stock up on ETH tokens before the Shappela upgrade. It’s prompting investors to wonder if $2,000 is in the cards for Ethereum.
All over the world, the Ethereum community is looking forward to the upcoming Shappela upgrade, which will take place on April 12. It seems like bigger investors are exploiting the current negative social sentiment to gather ETH tokens and take advantage of a potential price increase.
Could ETH Touch $2,000?
Based on charts of expert analysts, the price for Ethereum could soon go above $2,000. As of yet, the token is facing some resistance to getting to $2,030, with 1.6 million addresses holding 1.3 million ETH tokens.
If Ethereum can get ahead of this resistance level, there’s a likelihood of increasing the price gains to $2,500. That being said, there’s a risk that the price change could trigger a sell-off frenzy. The 8 million addresses that purchased 26 million tokens at the previous price could be pushed to sell off their tokens, which would bring the price back down.
Even then, bearish investors can get their way if ETH values dip below the $1,780 level. However, this is unlikely to happen thanks to the 4.17 million addresses that purchased the 9.16 million tokens. These accounts could give the cryptocurrency considerable support, but if this support level is breached, the price could go below $1,630.
Sentiment Surrounding ETH Remain Negative
Even though Ethereum recently reached its highest point in months, the social sentiment surrounding the cryptocurrency remains negative. Based on predictions by bearish analysts, the ETH price could fall. This would be the result of 13 million ETH being unstacked after the Shappela upgrade on April 12. Information sourced from blockchain data platforms shows that the Ethereum Net Weighted Sentiment has stayed negative since February. It reached 7.21 on February 12 but has declined to –0.19 now.
The post Ethereum Prices May Rise If It Stays Above $1,850 Support Level first appeared on CryptocyNews.com.
from CryptocyNews.com https://www.cryptocynews.com/ethereum-prices-may-rise-if-it-stays-above-1850-support-level/
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