Ethereum (ETH/USD) price is gaining strength above $1800 as Bitcoin is trading at its highest level in 10 months. The native asset of the smart contract platform is still trading 11% below its August 2022 high of $2,030. Charts also show that the ETH price is lagging behind BTC as the latter’s dominance has surged to its highest level since June 2022.
On Thursday, cryptocurrencies are trading sideways as Bitcoin consolidates itself above $28,000. At press time, ETH to USD price is trading at $1803 and is up 0.69% for the day. Most of the smaller capped altcoins are showing negative price action as Bitcoin dominance is about to hit 48%.
ETH Price Surges As Shapella Upgrade Nears
The next major milestone in ETH 2.0 is the upcoming Shapells upgrade which is scheduled to go live on April 12. As per the official Ethereum announcement, the much-awaited upgrade will be activated at epoch 194048. Shapells has already been tested smoothly on the Goerli network.
After the implementation of Shapella, the Ethereum supply locked in the staking will be available for withdrawal. Many analysts believe that the Ethereum price can experience strong selling pressure after the upgrade due to an increase in liquid supply. However, a retest of the $2000 level before the upgrade is still quite likely, considering the chart.
Ethereum Price Prediction
Technical analysis of the following ETH/USD chart might appear quite daunting at first look, but it’s pretty straightforward. The blue lines on the chart are the possible resistance levels, and the black lines are the support zones. The most critical trendline is the diagonal resistance line from which the price has seen numerous rejections in the past few months.
A break of this diagonal resistance can propel the price toward the key psychological level of $2,000. This will be a key retest for the future Ethereum price prediction. I expect a major pullback from this level soon after the Shapella upgrade.