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Ethereum Price: The Shanghai Upgrade Impacts The Markets

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Due to the latest highs caused by the Shanghai upgrade, Ethereum’s price titers over the $2,100 mark.

Today, April 17, ETH’s price is trading at $2,070. It has come down from the 90-day high of $2,137 on April 16.

Details of the Current Price Action

The latest ETH price rally may be partly due to the successful execution of the Shanghai upgrade. The upgrade notably improved the ETH blockchain.

ETH Shapella upgrade went live on Wednesday, April 12. It allowed more than $1 billion worth of staked Ethereum withdrawals. Even at this rate, the price of Ethereum kept on soaring higher.

Also, it welcomed many different network improvements and, at the same time, enabled staked ETH withdrawals. As a result, the platform became busier.

Although the staking levels of Ethereum are lower than the other networks, it may not be bad. The percentage of the staked Ethereum represents around 14.3% of the overall supply.

READ ALSO: Conflux to Introduce Uniswap v3 With Chinese CNH On Its Platform

Ether’s TVL as of April 14 is at $31.66 billion, an increase of around 40% since the beginning of the year.

Certain experts in the industry believe that the low staking levels of Ethereum signify a bullish trend.

This indicates that the focus of the network is on offering utility to the users.

Federal Reserve Impact

Since last year, certain macroeconomic factors, like inflation and interest rate hikes, have impacted the price of Ethereum. For instance, the US Federal Reserve’s current statements about an additional rate hike in the policy rate summit coming up in May will affect crypto prices.

Also, recent data suggests that the United States wage growth couldn’t maintain its pace with the increasing consumer prices for 24 months consecutively. This shows a failure in revenue for American workers.

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This is the key reason the Fed is expected to increase the rates for the 10th time when it gathers again sometime in May.

READ ALSO: Is Cryptocurrency The Future of Money? What Americans Believe

Altcoin Season Coming Up

As Ethereum is leading the way for altcoins, market analysts are predicting that the season for altcoins is on the horizon.

Ethereum’s performance will likely affect other altcoins positively, which may result in a wider market rally. As the market for altcoins gains traction, the success of Ethereum may produce more future projects.

Ethereum’s next price target will likely hit $2,240 if the price consolidates around the $2,100 level. Also, the price will rise if it can retain its bullish momentum to break through the present resistant levels.

 

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