The price of Ethereum (ETH) has crossed the $2,000 mark following the implementation of the Shanghai and Capella upgrades, known as Shapella. These upgrades allow for ETH unstaking for the first time since its introduction in December 2020.
Some cryptocurrency traders are using BlockchainCenter’s rainbow price chart for Ethereum to predict future movements. The chart currently indicates that Ethereum is in the ‘Fire Sale’ phase, ranging from $0 to $2,320, with efforts to break into the ‘Undervalued’ zone (blue), between $2,320 and $3,282. Historical data suggests that Ethereum could potentially reach $21,231 by August 2023 in the most bullish scenario. However, the crypto market is highly volatile and influenced by various external factors.
In the ongoing bear market, Ethereum was trading at a lower value against Bitcoin (BTC). The ETH/BTC trading pair dropped to 0.059 BTC, contrasting with its peak of 0.088 BTC in December 2021.
While Ethereum has come close to surpassing Bitcoin in market capitalization, known as “flippening,” it hasn’t achieved this milestone yet. During bullish phases, Ethereum has shown potential to catch up with Bitcoin due to its smart contract capabilities and the growth of decentralized finance (DeFi). However, in the current bear market, Ethereum appears to be losing ground.
As of now, Bitcoin has a market cap of approximately $525.9 billion, with a price of $26,979, showing a moderate 3.2% growth in the last week. Ethereum, with a market cap of about $194.4 billion and a price of $1,617.48, saw less impressive growth of 1.1% in the same period.
Currently, Ethereum is priced at $2,104.50, marking a 0.56% increase for the day, a positive change of 10.19% over the week, and an 18.94% gain in the last month.”
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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