- Ethereum’s highly-anticipated Shanghai Upgrade went live recently.
- Users who staked ETH are now able to withdraw their staked tokens from the network.
- Traders have reacted positively towards the upgrade as ETH’s price is currently up more than 2%.
The highly-anticipated Shanghai Upgrade for Ethereum (ETH) has gone live. Also referred to as “Shapella,” the Shanghai Upgrade will allow people who staked ETH to secure and validate transactions on the network to withdraw their staked ETH tokens.
Traders have reacted positively towards the deployment of the upgrade, as ETH’s price has risen 2.64% over the last 24 hours, according to CoinMarketCap. This 24-hour gain in the altcoin leader’s price has flipped its weekly price performance into the green at +1.34%. As a result, ETH is changing hands at $1,916.54 at press time.
ETH has also gained on Bitcoin (BTC) over the last 24 hours, and is currently up 2% against the crypto market leader. Furthermore, ETH’s daily trading volume has risen more than 27% in the last 24 hours — elevating its total trading volume to around $11,027,632,187 at press time.
Daily chart for ETH/USDT (Source: TradingView)
ETH’s price is currently resting on a positive trend line which was established over the last 2-3 weeks. This has been a period wherein ETH’s price consistently printed higher lows. A break below this level may result in ETH’s price dropping to as low as $1,850 in the next 24-48 hours.
One technical indicator, the RSI, on ETH’s daily chart suggests that the altcoin’s price will close today below the trendline. At press time, the RSI line is sloped negatively towards the oversold territory. In addition to this, the RSI line is on the verge of crossing bearishly below the RSI SMA line.
On the other hand, ETH’s price closing today’s trading session above the trendline will result in ETH’s price continuing its ascent and looking to make a move toward the next resistance level at $1,995 in the next 24-48 hours.
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