Ethereum News: In the context of recovery in the macro environment and the recent crypto price rally, Ethereum (ETH) is among the top cryptocurrencies that stand to benefit the most from the ongoing momentum. This is because the timing of crypto rally bodes well for speculation around the upcoming Shanghai upgrade. Interestingly, historical data on ETH price points to similar patterns between the bear run of 2020 and the current scenario. However, it remains to be seen how the crypto market would react in the short term.
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ETH To The Moon?
According to Bitcoinsensus, ETH’s price action is replicating the pattern that formed basis for last bull run. Essentially, the support strength is accumulated for the next Ethereum bullish breakout in the long term. Between 2019 and 2020, ETH price went through a triangular movement in fluctuation before following an upward curve going into the 2021 bull run. Hence, a similar price momentum can’t be ruled out given the current macro scenario and the Ethereum development scene.
“Ethereum is forming similar price action as it formed in the last bear market. Are we in the final months of bearishness?”
Short term projections for the U.S. Dollar Index (DXY) are also in favor of the crypto market, as the dollar finds resistance way below the current level of 102 at 90. The Ethereum Shanghai upgrade is scheduled for March 2023. This will be the biggest upgrade on the network after The Merge was completed in September 2022. Against the run of market expectations, The Merge failed to spur a price growth in not just Ethereum but other cryptocurrencies.
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As of writing, ETH price stands at $1,678, up 0.61% in the last 24 hours, according to CoinGape price tracker.