While we are yet to see the implementation of the Shanghai Capella Hard Fork on the Ethereum mainnet, the anticipation of the upgrade has been very fruitful for the ETH token since the beginning of 2023. ETH price is at one of the highest positions in 2023 and technical indications suggest that the uptrend can continue further.
ETH price has the golden crossover of the 50 and 200-day moving averages on its side, which has helped to support prices on the upside. Additionally, it has also broken past the stiff resistance level of $1700 and is now resting in the accumulation zone between $1700 and $2100. As long as the ETH price manages to stay above $1700, any positive news will be bought into and we can see the upward trend continuing.
Also, the Relative Strength Index on the daily chart for the ETH token is moderately bullish at 58 yet not overbought either, and thus this indicator also suggests further upward action might be brewing in the token’s future.