Ethereum Price Witnesses Bullish Momentum Ahead of Shanghai Upgrade

• The 24-hour high for ETH was $1,886, the highest price it has been since August. 
• The Shanghai upgrade has been heralded as a long-term bullish trigger for ether.

Ethereum’s price, surpassed market leader Bitcoin (BTC) and hit an eight-month high on Tuesday as U.S. stock futures surged and the dollar index fell. The 24-hour high for the cryptocurrency was $1,886, which is the highest price it has been since August. Messari reports that Ether has lost some of its early gains but is still up around 4% over the last day. According to CMC, the price of ETH is $1865 at the time of writing.

Nasdaq futures climbed 0.35 percent to a new eight-month high, providing strong signals for risk assets like cryptocurrencies. The Nasdaq futures market has already entered a bull market after rising more than 20% this year.

As pointed out by crypto influencer and analyst Keyur Rohit that the MVRV Z-Score for Ethereum has reached a level that has historically been followed by sustained price increases in ETH. This indicates that $ETH is undervalued on the market and may cause a large price rise in the coming months.

Long-term Bullish Trigger

With the highly anticipated Shanghai upgrade being less than two weeks away, Ether’s outperformance is timely. The Shanghai upgrade has been heralded as a long-term bullish trigger for ether and liquid staking tokens due to the fact that it would allow the withdrawal of ether placed on the Beacon Chain.

ETH seems to recoup ground versus BTC as part of a bigger capital rotation strategy with crypto likely profiting off broader stock rallies moving into a historically bullish month.

Despite the Federal Reserve’s interest rate rises and a string of high-profile bank failures, crypto markets have been on a roll. The value of bitcoin and ethereum have increased by 67% and 49%, respectively, during the previous three months.