Ethereum price witnessed a massive spike after the successful completion of its Shapella upgrade. The altcoin climbed to the $2,100 level after crossing key resistance at $2,000. There is a spike in ETH withdrawals, however analysts have noted a rise in deposits on the ETH2 contract and this is a bullish sign for the asset.

Ethereum hit several developmental milestones since 2022. With the successful completion of its Merge, a transition from Proof-of-Work to Proof-of-Stake, and smooth Shapella upgrade, the altcoin wiped out its losses since August 2022 and climbed to the $2,100 level in a swift move on Thursday.

Ethereum price rallied to $2,100 in a swift move before the pullback to the $2,000 level, based on CoinGecko data. There is a likelihood of validators selling their unstaked rewards and this could increase the selling pressure on the altcoin in the short-term.

Ethereum price could experience a pullback before another leg up, in the ongoing bull market.

Ethereum price is in a short-term uptrend, after hitting its peak of $2,1000, the asset retraced to the support at $2,000. If ETH price continues to decline, next support is at the 23.6% Fibonacci Retracement at $1,878.

If Ethereum price climbs above the $2,100 level, it could invalidate the bearish thesis. Crypto_McKenna, a crypto analyst and trader has predicted a run up to $2,445 and the next bullish target for the altcoin is the $3,411 level. The expert identified a series of supports between $1,600 and $2,000 for the altcoin.

Once Ethereum price crosses key resistance at $2,445, the analyst predicts an explosive move to $3,411.

Ethereum price can face a sharp retest before another spike up

Apr 15 2023