Ethereum has been displaying extreme volatility for the past week, creating a bearish divergence after losing bulls’ support.
Moreover, the ongoing SEC’s battle against the crypto space is being touted as a potential failure of the market in terms of regulation. Hence, the altcoin market continues to hover in an uncertain situation following Bitcoin’s volatile trading sessions.
However, Ethereum gains support from the community as its Sepolia testnet has undergone a successful upgrade, heading closer toward the Shanghai hard fork.
March Becomes A Vital Month For Ethereum!
On February 28th, the Sepolia testnet of the Ethereum network executed a successful upgrade, simulating the forthcoming Shanghai hard fork scheduled to occur on the mainnet in March. This upgrade, called “Shapella,” which merges the names of the upcoming Shanghai and Capella hard forks, was effectively executed on the testnet.
One significant modification allows validators to retrieve their staked Ether (stETH) from the Beacon Chain and return it to the execution layer. To validate on the Ethereum blockchain, validators were required to stake 32 Ether (ETH), which is equivalent to $1,621.
Currently, they are allowed to withdraw rewards exceeding 32 ETH and continue validating. Alternatively, they can choose to withdraw all their 32 ETH along with rewards and discontinue validating.
The upcoming phase, prior to the implementation of the Shanghai fork on the mainnet, involves deploying the upgrade on the Ethereum Goerli testnet, slated to begin in March. It is anticipated that the Shanghai upgrade will play a significant role in making Ethereum the dominating altcoin in the crypto market.
When Will Ethereum Price Start A Fresh Increase?
Despite its efforts, the Ethereum price is currently unable to break through the $1,664 resistance zone. In order to initiate a new upswing in the coming days, ETH must exceed both $1,660 and $1,700.
After finding support at the $1,550 mark, the Ethereum price endeavored to rally once again. It surpassed the $1,638 threshold; however, the bears hindered its progress near the $1,660 resistance level. As a result, the price reached a peak of around $1,665 before plummeting again.
As of writing, ETH price is trading at $1,634, with a decline of 0.74% in the last 24 hours. Analyzing the 1-day price chart, Ethereum is poised to flash more bullish signals as the Stoch RSI level stabilizes in a bullish region.
A prominent crypto trader, FlashTrades, predicts that Ethereum aims to break its immediate resistance of $1,750. A surge above the EMA-20 trend line and a breakout above $1,690 will push the ETH price to its monthly resistance of $1,800.
Source: https://coinpedia.org/price-analysis/ethereum-bulls-aim-for-a-fresh-increase-above-1700-analyst-marks-potential-resistance-levels-for-eth-price/