ether (ETH), the cryptocurrency that powers the smart-contract-enabled Ethereum The blockchain, despite the arrival of the network, reached its highest level since last August near $1,900 on Tuesday shanghai upgrade Some have warned that the price could decline amid a “sell-the-news” phenomenon.
As a result,rice predictions Generally upbeat.
on 12th of April Ethereum The network will undergo a series of upgrades which will, first and foremost, enable the return of stakes ether Tokens from staking smart contracts.
While analysts see the development as a long-term positive for the network – it is believed that more flexible staking withdrawals will eventually attract many more ETH owners to stake their tokens – some have warned that investors may There could be short-term price pressure in the form of Sell ETH tokens that are stuck in long contracts.
eth staking Has been active on Ethereum’s Beacon chain since late 2020, prior to its merger with the proof-of-stake of the Ethereum blockchain last September.
Others warn that in light of ETH’s astonishing more than 55% gain since the start of the year, a successful Shanghai upgrade could trigger profit-taking that could cause ETH price to decline in the short term. Is.
Price Prediction – Will Ether (ETH) Dump After the Upgrade?
Despite these concerns about a potential selloff, the technical outlook for Ether is looking bullish in the short term.
In recent weeks, the cryptocurrency has consistently found strong support at its 21-day moving average.
All its major moving averages are pointing upwards in a continuous sequence, which is another bullish sign.
A sustained push above the $1,850 area, which was previously offering resistance, should open the doors for a test of the August 2022 high above $2,000, assuming the Shanghai upgrade holds no further downside in price.
In the longer term, the technicals are also positive. The 14-day Relative Strength Index (RSI) for ETH is not yet in the overbought zone, suggesting reduced risk for near-term profit-taking.
ETH also saw a strong bounce off its 200DMA last month, a strong medium-term bullish indicator.
The “golden cross” (when the 50-day moving average crosses above the 200-day moving average) in early February is another good sign for ETH’s medium-term technical outlook.
The recent news of an attack by a malicious Ethereum validator has had no effect on the price, while sparking concerns about network security among the hard-core crypto community.
This could be because network upgrades optimism and macro tailwinds, such as expectations that the Fed will cut interest rates later this year bank crisis and recessionremains at the forefront.
In the near term, the bulls will continue to buy any further declines in Ether price.
A post-Shanghai upgrade sell-the-news driven resistance-support back in the $1,700 area, which roughly coincides with ETH’s 50-day moving average, could present a good buying opportunity.
Ether (ETH) Alternatives to Consider
While the medium-term outlook for Ether is strong and a near-term return above $2,000 is likely on the cards, investors should always be looking to diversify their crypto holdings.
One high-risk-high-reward investment strategy that some investors may consider is getting involved in crypto presales.
This is where investors buy tokens of up-start crypto projects to help fund their development.
These tokens are almost always sold very cheaply and have a long history of pre-sales providing huge exponential returns to early investors.
Of course, there’s always a chance that the project’s founders don’t deliver on the project’s promises, and pre-sale tokens never go up in price (hence why they’re sold so cheap).
But many of these projects have great teams behind them and a great vision to deliver a revolutionary crypto application/platform.
If an investor can identify such projects, the risk/reward of their pre-sale investment is great.
The 00news.com team spends a lot of time on pre-sale projects to help investors.
Here is a list of 15 that the project considers to be the best crypto pre-sales of 2023.
Disclaimer: The Industry Talks section features insights by crypto industry players and is not part of the editorial content of 0x0news.com.