Ethereum's Ether (ETH) token dropped by over 7.5% in its Bitcoin (BTC) pair in 2023. But ETH/BTC may wipe its year-to-date (YTD) losses entirely in April as Ethereum's long-awaited Shanghai hard fork is just days away.

The upgrade is set for April 12, enabling Ethereum stakers to withdraw around 1.1 billion ETH in rewards — worth over $2 billion as of April 8.

ETH price undergoes key technical bounce

Many experts see the hard fork as bullish for Ether in the long term. For instance, the Shanghai buzz has helped Ether outperform Bitcoin in April so far.

As a result, the ETH/BTC pair has risen by about 4.75% month-to-date to reach 0.066 BTC as of April 8, a nearly 8% rebound since March 20.

The bounce was largely expected, particularly as ETH/BTC dropped to its historical ascending trendline support. Now, the upside move raises the prospects of an extended bullish retracement toward its descending trendline resistance, marked as a sell zone in the chart below.

ETH/BTC three-day price chart. Source: TradingView

The fractal-based outlook puts Ether on target for 0.075 BTC by June, up 10% versus current price levels. Meanwhile, the pair's upside target for April appears to be its 50-3D exponential moving average (50-3D EMA; the red wave) near 0.069 BTC.

Conversely, a decisive close below the 200-3D EMA (the blue wave) near 0.066 BTC, coinciding support/resistance level near 0.067 BTC, risks delaying or — in the worst case scenario — invalidating the bullish retracement setup.

This bearish argument echoes independent market analyst CrediBULL Crypto who expects strong selling pressure near the 0.067 BTC resistance level that would lead to a 50% drop in 2023.

ETH/BTC weekly price chart. Source: TradingView/CrediBULL Crypto

Ethereum vs. dollar outlook

The ETH/USD pair has rallied by more than 50% in 2023, primarily due to similar uptrends elsewhere in the crypto market.

A weakening dollar, lower U.S. Treasury yields, and expectations of a Federal Reserve pivot on interest rate hikes have helped cryptocurrencies rise across the board in Q1. These catalysts will likely remain in the spotlight until the Federal Open Market Committee (FOMC) meeting in May.

Shanghai bringing the first greenshoots of #AltcoinSeason ?$ETH is perking up to an 8 month high as we approach one week until the Shanghai fork update @ 10:27:35 PM UTC on the 12th (Epoch #620,9536) The rally has mostly been a Fed/USD rates story, causing BTC to lead the way.… pic.twitter.com/dI0bpywR16

— Rich Rosenblum (@Rich_GSR) April 4, 2023

As a result, Ether could sustain its yearly gains in April, consolidating inside the $1,800-2,000 range until the Fed decision.

Related: 3 key Ethereum price metrics cast doubt on the strength of ETH’s recent rally

Moreover, a decisive breakout at current levels could result in extended gains with a second-quarter ETH price target of over $3,000.

ETH/USD three-day price chart. Source: TradingView

On the other hand, the bears will attempt to pull the price down for a close below $1,800 with the triangle's lower trendline near $1,600 as its downside target.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

#ETH #Ethereum #crypto2023 #shanghai #crypto2023

Ethereum 2.0, the next version of the world's second-largest cryptocurrency, introduced staking as a way to secure its network and generate passive income for investors. However, recent changes in regulations and upgrades to the Ethereum network have caused concerns about the future of staking deposits. In particular, the Shapella upgrade and regulatory changes have led to a decrease in deposits, leading to questions about the future of Ethereum staking.

The Shapella upgrade, which was implemented in December 2021, brought significant changes to the Ethereum network. The upgrade included a change in the proof-of-stake consensus mechanism and introduced several new features to the network. While the upgrade was aimed at improving the security and functionality of the Ethereum network, it also resulted in a decrease in staking deposits.

One of the main reasons for the decrease in deposits was the change in the staking minimum. The Shapella upgrade increased the minimum amount required to stake from 32 ETH to 123 ETH. This meant that many small investors were priced out of staking, which led to a decrease in deposits. Additionally, the upgrade introduced penalties for stakers who failed to validate blocks, which further discouraged smaller investors from participating in staking.

Regulatory changes have also contributed to the decrease in staking deposits. Several countries have introduced regulations that require stakers to comply with Know-Your-Customer (KYC) and Anti-Money Laundering (AML) laws. These regulations have made it more challenging for investors to stake their Ethereum, as they now have to go through a lengthy and complicated process to comply with the regulations. This has led to a decrease in deposits, as many investors are hesitant to undergo the additional compliance requirements.

The decrease in staking deposits has raised concerns about the future of Ethereum staking. Staking is an essential part of the Ethereum network, as it helps to secure the network and generate passive income for investors. If the decrease in deposits continues, it could lead to a decline in network security and a reduction in staking rewards for investors.

In conclusion, the Shapella upgrade and regulatory changes have led to a decrease in Ethereum staking deposits. The increase in the staking minimum and penalties for stakers, along with the introduction of KYC and AML regulations, have made it more challenging for investors to participate in staking. This has raised concerns about the future of staking and the overall security of the Ethereum network. However, it is important to note that the Ethereum community is constantly working to address these challenges and find solutions to ensure the long-term viability of staking.

#Ethereum #shapella #shanghai #ETH #dyor

#SNX /USDT Update :

SNX

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This is big news for all $SNX traders and investors, as it could signal a strong bullish trend ahead. 🚀🌕

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#eth2.0 #hongkongweb3festival2023 #cpi #shanghai

The Ethereum blockchain is set to undergo a significant upgrade called the Shanghai upgrade or Shapella upgrade on April 12, 2023. This upgrade includes several improvements to the network, including the implementation of two Ethereum Improvement Proposals (EIPs) known as Shanghai and Capella.

One of the main benefits of the Shanghai upgrade is a reduction in gas fees for developers on the Ethereum network, which will make it more cost-effective to build decentralized applications. The upgrade also aims to improve scalability and address issues related to token withdrawals.

The Shanghai upgrade comprises five EIPs: EIP 3651, 3855, 3860, 4895, and 6049. These EIPs provide solutions to issues related to transaction fees, scalability, and token withdrawal functionality.

Additionally, the Capella upgrade will enable full and partial withdrawals for validators on the Ethereum network. This upgrade is significant as it addresses the needs of validators who often have to manage large amounts of capital in the form of cryptocurrency.

What Ethereum holders need to do?

If Ethereum holders and users are using an exchange, digital or hardware wallet, they typically do not require any extra actions, unless specifically advised by the wallet provider.

What happens if stakers or node operators do not participate in the upgrade?

It is important for Ethereum users to update their clients to the latest versions because failure to do so can result in the client syncing with the pre-fork blockchain after the upgrade process. This would leave the user stuck on an incompatible chain and unable to operate on the post-Shanghai blockchain network. Therefore, it is crucial for users to participate in the upgrade to avoid any disruption.

The expectations of the community of Ethereum holders

The community of Ethereum supporters, known as "ETH Maxis," as well as analysts and developers, have presented various potential scenarios for ETH following the hard fork on Crypto Twitter. According to experts, the unlocking of ETH tokens could result in a temporary sell-off of the altcoin. However, a significant amount of staked ETH might be directed towards liquid staking projects or other staking options due to the current price of the altcoin and holders being at a loss during the unlocking period.

Another scenario arises from the Shapella upgrade being front-run and Ethereum's recent price rally, which reached a 2023 high above $1,900. It is possible that the ETH upgrade has already been factored into the price, and the token unlock may have little or no negative impact as previously anticipated by the community.

83% of ETH holders plan to stake more Ethereum within the next three months.

A recent survey carried out by the OKX exchange revealed that 83% of the respondents from the ETH community are optimistic about an increase in Ethereum staking over the next three months.

Following are the key findings of the survey:

Key findings of the OKX survey

As the token unlock is set to take place for the first time since the launch of the Beacon Chain contract in 2020, holders of ETH are confident that more tokens will be staked within the next three months, bolstering a bullish outlook for the asset in the medium-term.

The upcoming Shapella upgrade marks a pivotal moment for the Ethereum ecosystem, presenting an array of noteworthy advantages that are poised to entice a greater number of users and investors to the platform. With an assortment of improvements ranging from reduced gas fees for developers to enhanced scalability and transaction fee management, the upgrade is set to bolster the network's functionality and appeal. These developments are expected to significantly enhance the Ethereum blockchain, reinforcing its status as a leading blockchain technology.

#eth2.0 #shapella #shanghai #crypto2023 #shanghaiupgrade

Ether’s (ETH) fresh rally above $2,000 after the successful Shanghai upgrade late Wednesday, dropped bitcoin’s (BTC) dominance from an almost two-year record high, according to TradingView data.

BTC’s dominance rate rose to as high as 49.06% early Wednesday, according to TradingView data, before retreating to 48.12% as ETH’s price rose. The last time the metric was around the 49% level happened in July 2021, some 21 months ago, TradingView shows.

ETH dominance, on the other hand, surged to 19.87% on Thursday, marking a one-month high.

The BTC dominance rate is the BTC market capitalization’s share of the total market cap of the cryptocurrency market. The metric is important to assess the relative strength of BTC, the largest cryptocurrency by market value, compared to the broader crypto market, or identify periods when altcoins outperform, also known as an altcoin season. Ether dominance, similarly shows the second largest cryptocurrency’s relative value to the crypto market.

Ether’s improved performance has reduced bitcoin’s share of the crypto market. The shift has come after the Ethereum network’s long-awaited tech upgrade, also called Shanghai or Shapella, was deployed without a hitch late Wednesday.

The upgrade enabled the withdrawal of more than 17.4 million of staked tokens, worth some $35 billion, from Ethereum’s proof-of-stake blockchain for the first time since its launch in December 2020. Its successful deployment eliminated a slight but concerning f risk that ETH investors might not be able to reclaim their tokens locked up in staking contracts..

ETH rose as high as $2,023 on Thursday, gaining 5% in the past 24 hours, according to CoinDesk data, leading the upswing of the broader crypto prices.BTC, which also reacted positively to the upgrade, is only up 1.5% through the day, lagging behind altcoins.

#ETH #BTC #shanghai #Binance #crypto2023