Ethereum is in good position for further gains on Bitcoin in April.
The upgrade is set for April 12, enabling Ethereum stakers to withdraw around 1.1 billion ETH in rewards — worth over $2 billion as of April 8.the hard fork as bullish for Ether in the long term. For instance, the Shanghai buzz has helped Ether outperform Bitcoin in April so far.
As a result, the ETH/BTC pair has risen by about 4.75% month-to-date to reach 0.066 BTC as of April 8, a nearly 8% rebound since March 20., particularly as ETH/BTC dropped to its historical ascending trendline support. Now, the upside move raises the prospects of an extended bullish retracement toward its descending trendline resistance, marked as a"sell zone" in the chart below.The fractal-based outlook puts Ether on target for 0.075 BTC by June, up 10% versus current price levels.
Conversely, a decisive close below the 200-3D EMA near 0.066 BTC, coinciding support/resistance level near 0.067 BTC, risks delaying or — in the worst case scenario — invalidating the bullish retracement setup. This bearish argument echoes independent market analyst CrediBULL Crypto who expects strong selling pressure near the 0.067 BTC resistance level that would lead to a 50% drop in 2023.The ETH/USD pair has rallied by more than 50% in 2023, primarily due to similar uptrends elsewhere in the crypto market.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bitcoin, Ethereum Technical Analysis: BTC, ETH Extend Consolidation, Ahead of Nonfarm Payrolls – Bitcoin NewsBitcoin consolidated for a third consecutive session on Friday, hours before a much anticipated nonfarm payrolls (NFP) release.
Read more »
Bitcoin, Ethereum Technical Analysis: BTC Back Above $28,000 on Easter Weekend – Market Updates Bitcoin NewsBitcoin was back above $28,000 on Saturday, as markets continued to react to the latest nonfarm payrolls (NFP) report.
Read more »
Ethereum's Shanghai Upgrade Will Help Layer 2 Networks, Crypto Investor SaysMax Williams, chief operating officer at Runa Digital Assets, noted the upgrade will allow developers to focus on improving users' experience.
Read more »
Ethereum (ETH) Shanghai Upgrade Sparks Market Attention Ahead of LaunchEthereum (ETH) Shanghai upgrade just days away, here's why market is paying attention ETH $ETH ShanghaiUpgrade Shapella ETHShanghai
Read more »
Bitcoin Difficulty Reaches New All-Time High After Fourth Consecutive Increase – Mining Bitcoin NewsOn April 6, 2023, Bitcoin's difficulty rose 2.23% higher at block height 784,224, touching another all-time high.
Read more »
Tattooing Bitcoin: Advocates wear cryptocurrency on their sleeveNeedles and hodling: Bitcoin devotees wear their passion on their sleeve, ink and all. (Reporting via JoeNakamoto)
Read more »