Ethereum (ETH) News: In the context of recovery in the macro environment and the past few cryptocurrency price rally, Ethereum (ETH) (ETH) is among the top digital currencies that stand to benefit the most from the ongoing momentum. This is because the timing of cryptocurrency rally bodes well for speculation around the following Shanghai upgrade. Interestingly, historical data on Ethereum (ETH) price points to similar patterns betwixt the bear run of 2020 and the present scenario. Nonetheless, it remains to be seen how the cryptocurrency market would react in the short term.
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Ethereum (ETH) To The Moon?
Reports by Bitcoinsensus, ETH’s price action is replicating the pattern that formed basis for last bull run. Essentially, the support strength is accumulated for the following Ethereum (ETH) positive tendency breakout in the longstanding. Betwixt 2019 and 2020, Ethereum (ETH) price went through a triangular movement in fluctuation before following an upward curve going into the 2021 bull run. Hence, a similar price momentum can’t be ruled out given the present macro scenario and the Ethereum (ETH) development scene.
“ Ethereum (ETH) is forming similar price action as it formed in the last bear market. Are we in the final months of bearishness?”
Short term projections for the United States Dollar Index (DXY) are likewise in favor of the cryptocurrency market, as the United States dollar finds resistance way below the present level of 102 at 90. The Ethereum (ETH) Shanghai upgrade is scheduled for March 2023. This will be the largest upgrade on the network after The Merge was completed in September 2022. Against the run of market expectations, The Merge failed to spur a price growth in not just Ethereum (ETH) but other cryptocurrencies.
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As of writing, Ethereum (ETH) price stands at $1,678, up 0.61 percent in the previous day, reports by CoinGape price tracker.