Ethereum (ETH) loses all post-Shanghai upgrade gains

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  • The price of Ethereum declined by 11.8% in the last week.
  • It climbed above $2,100 after a Shanghai upgrade.
  • At press time, it was trading at $1,855, down nearly $300 from its post-Shanghai high.

In recent days, the cryptocurrency market has been quite fragile due to the growing threat of an economic recession. There has also been persistent high inflation and volatility in the stock market.

Top cryptocurrencies within the crypto space have been affected to a great extent Ethereum falling below its pre-Shanghai price levels and Bitcoin Fall below $28k. The global cryptocurrency market cap has also been on a decline since hitting a high of over $1.25 billion on Thursday, April 13.

Key Ethereum Price Levels to Watch

The sudden drop in price has ETH investors/traders wondering what the future holds ethereum price Especially since the Schpela upgrade was seen as a game changer for the second largest cryptocurrency by market cap. Most are now scratching their heads wondering whether he will be able to recover from this setback.

Ethereum price already declined below the first support at $1,896. However, at its current price of $1,855, it is still too early to determine whether the bearish breakout is genuine or false.

If today’s candlestick closes below yesterday’s low of $1,913.60, there could be high chances of a further decline towards the next important support level at $1,846, a scenario that would set the cryptocurrency in a bearish trend by the end of the week. keeps.

If the price closes above $1,900 today, it could trigger an upside move towards the $1,930 price area tomorrow.

Looking into the future from a medium-term perspective, Ethereum price has retreated in the middle of a wide trading range as sellers took control as the price remained below the $2,000 level. This is a possible indicator of the cryptocurrency facing continued pressure, meaning it will struggle to regain its previous bullish momentum.

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