Ethereum (ETH), the world's second-largest cryptocurrency, has reached an 8-month high as it continues its upward trend toward $2,000.
Ethereum sharks are accumulating. Source: Santiment
“On-chain data reveals that the next critical resistance area is between $2,100 and $2,150, where over 200K addresses had previously purchased over 18M ETH.”
Ali Martinez resistance levels. Source: Ali Martinez
Notably, Martinez stressed last week that given the lack of significant resistance ahead, it was entirely reasonable to expect further upside for ETH when it was trading at $1,804.
Ethereum price analysis
Ethereum 7-day chart. Source: Finbold
It’s worth highlighting that the Shapella network upgrade will be activated on the Ethereum mainnet on April 12, which will se the EIP-4895 standard added to the etwork after the whole of the Shapella update has been implemented. Shapella has made various modifications to its network to reduce the transaction costs associated with certain activities.
EIP will make it possible, for the first first time, to withdraw ether that has been staked and investors will be hoping the latest update will provide further bullish sentiments for the price of ETH to hit $2,000.
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