Ethereum Price Eyes $1880 Level as Investors Optimistic Over Upgrade

• The amount of money locked up in ETH 2.0 deposit contracts has reached a new ATH.
• Ethereum has gained 1.24% in value in the last 24 hours.

Significant progress was being made in its preparation thanks to certain network advancements. The amount of money locked up in ETH 2.0 deposit contracts has been increasing, and as of 9 April, it had reached a new all-time high, according to statistics from Glassnode. Such a finding would be consistent with increased optimism in the market and would signal a significant shift.

The value of Ethereum reversed its upward trend, trading around $1,850. Ethereum has held over $1,800 and is looking to break out to new highs.

Brief Pull Back

After breaking through the $1,880 support area, Ethereum began a downtrend. Now, the price is hovering around $1,850 and the 100-hourly Simple Moving Average (SMA). An important negative trend line with resistance around $1,855 on the hourly chart of ETH/USD was broken. If the pair is able to hold above the $1,860 and $1,850 support levels, more gains are possible.

Earlier, the price moved to the $1,820 level of support. At $1,825, the price created a new low and has since begun to rise. Both the 100-hourly SMA and the $1,850 resistance level were breached by the bulls. On the hourly chart, ETH/USD price action has broken above a significant bearish trend line with resistance at $1,855. With the upgrade around the corner, the bulls are pushing harder to drive the prices higher.

The current Ethereum price is $1,860.11 USD, and the 24-hour trading volume is $6,022,564,818 USD, according to CMC. In the last day, Ethereum has gained 1.24% in value.