Ethereum price sliced through the upper resistance close to $1600, raising from its lows below $1400 as the Shadow Fork goes live. Moreover, the transactions on the network spike magnificently which led to the spike. Presently, the ETH bulls appear to be a little decompressed but in fact, they seem to be preparing for the major bull run.
In a recent update, a Shadow Fork went live, 26 hours before the expected time without any significant technical glitch. A rise in the high rash or the computational power is the main reason behind the fleetness. On the other hand, the transactions on the Ethereum Network also spiked to 1.67 million for the first time after the May 2022 crash.
Previously in May, just before the crash, the Ethereum netwrok withnessed a similar spike in transactions. But the trend was diving into the deep bearish well and hence the induced volatility due to the rise in transactions resulted in a steep descending trend. Further, a couple of negative rounds of updates dragged the asset to mark the lows below $1000.
On the contrary, the ETH price’s transaction spiked while the asset has rebounded finely and following a notable ascending trend. And hence the price now appears to be poised to regain the lost levels above $2000 any time from now.
As Coinpedia reported earlier that Ethereum is following a parabolic curve to break the crucial resistance at $1843, the asset appears to be well-positioned to achieve the target in the next couple of days. However, the higher target still remains above $3000, which is expected to be accomplished before the end of Q3 2022.
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Source: https://coinpedia.org/price-analysis/ethereum-eth-price-spikes-heavily-as-the-shadow-fork-goes-live/