ETH Hits $2000 After Shapella Upgrade – Market Updates Bitcoin News
Ethereum moved above $2,000 on Thursday as markets continue to react to the successful Shanghai update. The upgrade, which is also known as “Shapella”, took place late last night, enabling withdrawals on the blockchain. Bitcoin held above $28,000.
Bitcoin
Bitcoin (BTC) continued to trade above the $30,000 mark on Thursday as crypto markets remained supported by the latest US inflation report, which fell to 5%.
After a low of $29,725.57 on Wednesday, BTC/USD rallied to an intraday high of $30,462.48 earlier in the day.
The move sees bitcoin remain near a ten-month high of $30,584, which it hit during Tuesday’s trading session.
Looking at the chart, today’s weak price rally comes as the 14-day relative strength index (RSI) bounced off the floor of 68.00
At the time of writing, the index is now at 69.73, with the next visible resistance point at 71.50.
Should the index move beyond this point, there is a good chance that ethereum will move past $30,500.
Ethereum
Boosted by the Shanghai update, ethereum (ETH) outperformed BTC in today’s session, climbing around 7% in the process.
ETH/USD rose to a high of $2,007.05 earlier in today’s session, less than a day after trading at $1,882.37.
As a result of today’s price increase, the world’s second largest cryptocurrency reached its highest level since last August.
This eight-month high came as price strength rose above a ceiling of 65.00. It is now at a reading of 69.44.
A resistance level of 75.00 appears to be the next hurdle for bulls and should momentum continue in an upward direction, ETH could move above $2100 this week.
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