The Day Ahead Shapella upgrade news will continue to provide direction as investors prepare for the April 12 upgrade. Investors should also monitor th
The Day Ahead
Shapella upgrade news will continue to provide direction as investors prepare for the April 12 upgrade.
Investors should also monitor the crypto news wires, with regulatory activity and US lawmaker chatter focal points. A quiet session would leave Binance, FTX, and updates from the ongoing SEC v Ripple case to move the dial.
Beyond the digital asset space, further US banking sector-related news also needs consideration.
Ethereum (ETH) Price Action
At the time of writing, ETH was up 1.41% to $1,819. A mixed start to the day saw ETH fall to an early low of $1,771 before rising to a high of $1,836.
Technical Indicators
ETH needs to avoid the $1,755 pivot to target the First Major Resistance Level (R1) at $1,843. A move through the morning high of $1,836 would signal a breakout session. However, Shanghai upgrade news and the crypto news wires should be ETH-friendly to support a breakout.
In the event of an extended rally, the bulls would likely test the Second Major Resistance Level (R2) at $1,893 and resistance at $1,900. The Third Major Resistance Level (R3) sits at $2,031.
A fall through the pivot would bring the First Major Support Level (S1) at $1,705 into play. However, barring an event-fueled crypto market sell-off, ETH should avoid sub-$1,700 and the Second Major Support Level (S2) at $1,617. The Third Major Support Level (S3) sits at $1,479.
Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal. Ethereum sat above the 50-day EMA, currently at $1,648. The 50-day EMA pulled further away from the 100-day EMA, with the 100-day EMA widening from the 200-day EMA, delivering bullish signals.
A hold above S1 ($1,705) and the 50-day EMA ($1,648) would support a breakout from R1 ($1,843) to target R2 ($1,893) and $1,900. However, a fall through S1 ($1,706) would give the bears a run at the 50-day ($1,648) and 100-day ($1,618) EMAs and S2 ($1,617). A fall through the 50-day EMA would send a bearish signal.
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