Ethereum price prepares for massive rally, analysts are bullish on ETH
- Ethereum price held steady as holders geared up for an explosive move in the altcoin with Shapella upgrade.
- Analysts target the equal low at $1,770 when opening shorts in the altcoin.
- Ethereum price could witness a massive price rally to the $1,850 level according to analysts.
Ethereum price tackled resistance at the $1,800 level before climbing higher on April 3. With the Shapella upgrade fast approaching, analysts are eyeing the Ethereum network for an explosive move in ETH price.
Interestingly, there is a spike in the volume of Ethereum staked in the ETH2 deposit contract and liquid staking protocols like Lido, ahead of Shapella.
Also read: Ethereum price shows sign of rally, will Ethereum climb to $2,000?
Ethereum price climbs above $1,800 with Shapella fast approaching
Ethereum price climbed above $1,800 on April 3 after sideways price action. The altcoin yielded nearly 2% gains for holders since Monday, gearing up for its next big upgrade, the Shanghai hard fork, also known as Shapella.
Justin Bennett, a crypto analyst and trader evaluated Ethereum price action and concluded that a massive rally is likely in the second largest cryptocurrency by market capitalization, in the following weeks.
Ritesh, a crypto analyst on Twitter shared a target of $1,770 equal lows for shorts in Ethereum.
$ETH probably a better short soon targeting this equal low pic.twitter.com/mKtHX5zLNe
— Ritesh✺ (@Ritesh_Trades) April 3, 2023
There has been a spike in liquid staking's share in the DeFi ecosystem. From the fifth-largest category in June 2022 to the second-largest now, liquid staking has climbed in response to Ethereum ecosystem's upcoming hard fork and events.
Liquid staking growth
Raoul Pal predicts fireworks in ETH price rally
Raoul Pal, crypto analyst and expert recently evaluated the Ethereum price action and set the target of $1,850 for the second largest cryptocurrency. Pal shared his bullish views on ETH price.
ETH/USD price chart
Several analysts on crypto Twitter share Pal's bullish take on Ethereum with the altcoin coiling ahead of the key upgrade in its ecosystem. There is a likelihood that traders see temporary selling pressure in Ethereum, post the token unlock, however this is expected to be short-lived.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
