Ethereum’s price expectations amid Shanghai upgrade
ETH attempted to rise above the $1,925 and $1,940 resistance levels but was unsuccessful in settling above the $1,925 resistance zone. Consequently, a bearish reaction occurred, pushing the price below the $1,900 level. The decline also broke a key bullish trend line with support near $1,870 on the hourly chart. Currently, ether is trading below $1,880 and the 100-hourly simple moving average, showing several bearish signs below the $1,865 support. If the price recovers, it might face resistance near $1,880 and the 100-hourly simple moving average. ETH/BTC chart indicates a downward trend The ETH/BTC chart, more indicative of future ETH price moves than the ETH/USD chart, reveals that ether has been in a downtrend since September 2022. ETH/BTC price chart | Source: TradingView This suggests that funds are flowing from ETH to BTC, and BTC is now trading at its highest level since June 2022. For ETH to turn bullish, it either needs to break out of the downtrend on its BTC chart or close a day above $2,030 on its USD chart. However, both scenarios are unlikely if the BTC/USD gets rejected from $30,000. Price action will likely remain volatile this week due to the release of the CPI report on April 12. #CPI statistics ???? Forecasted : 5.2% Previous Data :