The much-needed catalyst for the Bitcoin price, which was stuck around $28,000, emerged in the form of the Ethereum Shanghai Upgrade. The prices of the top cryptos, like Bitcoin, Ethereum, Cardano, XRP, etc., and many more, leaped far beyond their respective resistances. The entire crypto space is currently painted green, which is assumed to be a signal of the end of the 2022 bear market.
The Bitcoin price was stuck around $28,000, as one of the major resistance levels around $28,500 acted as a tough barrier to breach. The price in the early trading hours surged beyond the milestone at $30,000, signaling the revival of the bullish trend.
Meanwhile, the upswing does seem unhealthy, and hence one of the top analysts, Kaleo, warns his 575,200 followers not to fall into the bullish trap.
The analyst also says that the year 2024 and 2025 is believed to be a ‘shitload of fun for alts’, meaning, the altcoins are believed to thrive in the coming years, outperforming Bitcoin.
Besides, the second largest crypto, Ethereum has also surged beyond the crucial resistance at $1900 and is just an inch away from achieving yearly highs above $2000. Will the upswing prevail for long or it may turn out to be the biggest bull trap ever?
It is worth noting that the current week is pretty much important not only for the crypto space but also for the equities. Not only Ethereum Shanghai upgrade will be rolled out this Wednesday but US CPI rates will also be announced. Moreover, the schedule until the weekend includes FOMC MoM, PPI inflation data, Retail Sales data, and Consumer sentiment data.
While so many events are lined up with the biggest event within the crypto space, the trend should only be considered permanent once the markets cool down.
Source: https://coinpedia.org/ethereum/devaju-movement-on-the-cards-crypto-markets-brace-up-for-ethereum-shanghai-upgrade/