Ethereum's highly-anticipated upgrade, Shapella, is set to revolutionize the blockchain industry with its launch on the mainnet on April 12th. This upgrade is a major step towards enabling validator staking withdrawals on the Ethereum main network, which was not introduced during the blockchain's transition to a proof-of-stake consensus last September.

Shapella is expected to introduce Ethereum Improvement Proposal (EIP) 4895, a critical feature that will enable validator staking withdrawals on the Ethereum main network. Additionally, three other improvements have been planned to optimize gas costs for certain activities with this upgrade.

The Ethereum core developers have confirmed that Shapella will be launched on the mainnet on April 12th at 10:27 a.m. UTC, with epoch number 620,9536. This highly-anticipated upgrade has been tested on three different testnets, including Sepolia, Zhejiang, and Goerli, with successful ETH withdrawals processed from their respective validator sets.

The Shapella upgrade is expected to have a significant impact on the blockchain industry, making Ethereum more secure, efficient, and scalable. This upgrade will enable more users to participate in the Ethereum ecosystem and contribute to its growth and development.

As the blockchain industry continues to evolve, Ethereum's Shapella upgrade is a major step towards the blockchain's continued success. With its upcoming launch on the mainnet, the blockchain community eagerly anticipates the benefits that Shapella will bring to the Ethereum ecosystem.

In conclusion, the Shapella upgrade is a game-changing development that will enable validator staking withdrawals on the Ethereum main network, optimize gas costs for certain activities, and make Ethereum more secure, efficient, and scalable. The blockchain community eagerly anticipates its launch on April 12th and the benefits it will bring to the Ethereum ecosystem.

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ETH/USDT Exclusive Technical Analysis Chart:-

Source:- CryptoPatel Tradingview Analysis

I have conducted a technical analysis of Ethereum (ETH) and found that it is currently trading at $1462, which is a significant 81% drop from its all-time high.

However, the chart indicates that it was recover and hit $2030, which is 127% increase from its recent low.

Currently, a bearish pennant formation can be seen in the high timeframe (HTF) chart, and ETH is trading near the pennant resistance level of $1750.

The pennant support level is at $1180. If ETH breaks down below the pennant support level of $1180, it may free fall towards $500.

This is my personal opinion and not financial advice. I strongly recommend conducting your own research before investing.

Based on the fractals of the previous bull market, the 1, 2, and 3 counts are almost complete, and we are waiting for count 4, which is expected to be around $500.

The last count, count 5, is expected to be around $12000, and this will be my exit point.

There are strong support levels at $1180 and $500,

Resistance levels at $1750, $2500, $4800, and a new all-time high (ATH).

It is important to keep an eye on the pennant resistance level of $1750

If the candle closes above this level, we may move toward a bullish scenario.

However, personally, I am bearish below count 3.

I have spent a lot of time conducting this chart analysis, and I would appreciate it if you could share your views and like it if you find my analysis useful.

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ETH/USDT Techncial Analsyis:-

The current market analysis of the  ETHUSDT pair reveals that  Ethereum is currently trading at a significant resistance level .

Although the market is showing signs of a potential upward breakout, caution is advised as this is a crucial point to observe.

If  Ethereum breaks above this resistance level , the next possible targets are in the range of $3000-$3500.

However, if the resistance level proves too strong, we may see a  bearish reversal, with the price dropping back to $1360.

The chart analysis also indicates that a  bearish pennant pattern is forming, which could result in a significant price drop to the range of $500-$700 if the price breaks below the $1350 level. 

Traders are advised to avoid volatile wicks and wait for confirmations before making any trades.

If  Ethereum manages to close above the $1760 level in a high-time frame (HTF), it could signal a shift towards bullish momentum. Conversely, if the price remains below this level, the bearish sentiment may continue. 

To sum up, the key support and resistance levels to watch for in the  ETHUSDT pair are $1350 and $1760, respectively.

Traders are encouraged to exercise caution and follow the latest updates for informed decision-making.

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