In the past 24-hours, the trading price of Ethereum (ETH) has surged at a significant rate. The data shows that the trading price of the asset has increased by 4.5%.
Due to the surge, the trading price of ETH has been pushed to a high of $1,669. The surge has been witnessed as the crypto market has started recovering from the downtrend.
In the first half of the week, most of the cryptocurrencies were facing downtrends. The values of the major cryptocurrencies had been traveling into the lower levels.
There were huge selloffs in the crypto market due to the crashes of the banking firms in the United States. These banks were known for being huge supporters of crypto firms.
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Although the crypto market drifted away from the bullish territory, it has started to move in a negative direction. The situation is now in favor of the crypto industry and most of the crypto is surging in trading values.
ETH has experienced a 4.5% surge not only in the past 24-hours but has continued to experience strong surges in longer periods.
Despite the selloffs, the overall performance of ETH has remained in the bullish zone even in the past 7 days and past 30 days.
The data confirms that in the past 7 days, ETH’s price has surged by 6.5%. In the past 30 days, the asset has continued traveling in the bullish territory, having surged by 8%.
Even when looking at the performance of ETH since the beginning of 2023, the data shows that the asset’s price has surged by 39.5%.
So far, the year 2023 is proving to be a successful one for Ethereum and things may continue going in direction of the asset.
According to analysts, ETH is one of the most demanded and attractive coins in terms of fundamentals and utility. Due to its strong utility and adoption, the token can rest assured that its price will continue growing stronger.
The asset may continue experiencing and enjoying huge gains in the upcoming trading sessions.
Shanghai Upgrade is Highly Anticipated
While the trading price of ETH is moving higher, there is another factor that may help push its price higher, the Shanghai upgrade.
Ethereum developers have boasted about the new upgrade following the implementation of the Merge in mid-September 2022.
The announcement has continued creating a lot of anticipation around the token. There is now a great level of anticipation among the entire crypto industry and with its implementation, the token’s adoption may rise.
This would throw more rallies and buying sprees in favor of Ethereum, pushing its trading price significantly higher than the current level.
What is going to Happen Next?
With Ethereum currently moving in the bullish territory, analysts are coming up with bullish predictions.
Their predictions are also based on the strong movement of the relative strength index (RSI). The RSI for ETH has been moving higher.
The RSI report shows that it is currently hovering around level 60. It has been climbing higher ever since the strong rally kicked in.
Surprisingly, the oversold for ETH was previously at 30 and it was just a few days back when it was witnessed.
RSI is Following the Trend
The data shows that the moving averages for ETH have started to move in the upward direction as well. The analysis shows that the 30-MA is rising higher, which means that the overall trend is becoming bullish.
The asset has already crossed the 200-day MA, which is a clear indication that the trading price of ETH has entered a bullish trend.
This suggests that the price of ETH may continue moving in the upward direction. As of now, the trading price of ETH is attempting to hit and cross $1,700.
If the bullish sentiments remain stronger, then the asset price may continue climbing. It may successfully hit a high of $2,000 and cross that level in near future as well.