The price of Ethereum (ETH) has surpassed the psychological threshold of $2,000, following the implementation of the Shanghai and Capella upgrades, collectively known as Shapella. The upgrades have allowed for ETH unstaking for the first time since its introduction in December 2020, according to reports on Wednesday.
In an attempt to predict future movements, some cryptocurrency traders are using BlockchainCenter's rainbow price chart for Ethereum. The chart currently suggests that Ethereum is in the 'Fire Sale' phase, which ranges between $0 and $2,320, with efforts being made to break upwards into the 'Undervalued' zone (blue), which stands between $2,320 and $3,282.
Historical movements suggest that Ethereum could potentially surpass $21,231 by August 2023 under the most bullish scenario. However, it's important to note that the crypto sector is highly volatile and can be influenced by a variety of external factors beyond chart patterns.
On Wednesday, Ethereum was trading at a low against Bitcoin (BTC) in the ongoing bear market. According to recent TradingView data, the ETH/BTC trading pair had dropped to a low of 0.059 BTC. This is a stark contrast from its peak of 0.088 BTC in December 2021.
Despite numerous instances when Ethereum came close to surpassing Bitcoin in market capitalization—a phenomenon known as "flippening"—the digital currency has not managed to achieve this milestone yet. During bullish phases, Ethereum has shown potential to catch up with Bitcoin due to its smart contract capabilities and the rise of decentralized finance (DeFi). However, in the current bear market, Ethereum appears to be losing ground once again.
CoinGecko's latest data shows a Bitcoin market cap of approximately $525.9 billion, with a price of $26,979. Meanwhile, Ethereum trails with a market cap of about $194.4 billion and a price of $1,617.48. In the last week, Bitcoin saw a moderate growth of 3.2%, whereas Ethereum showed a less impressive growth of 1.1%.
As things stand, Ethereum is currently changing hands at the price of $2,104.50, which demonstrates an increase of 0.56% on the day, adding up to the positive weekly change of 10.19% and an 18.94% gain in the last month.
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