Ethereum network’s successful completion of the Shanghai upgrade fueled optimism in the ETH holder community. The next big upgrade to look forward to is proto-danksharding or Ethereum Improvement Proposal (EIP-4844).

EIP-4844 is the first prototype of proto-danksharding, a concept that boosts the Ethereum blockchain’s scalability by splitting it into smaller pieces.

Ethereum price shows a bullish sign which coincides with a similar buy signal seen on Bitcoin price on the four-hour chart. This development could prove to be extremely profitable for investors if they act on ETH.

Ethereum price has been consolidating tightly around the $1,843 support level after a recent 14% crash. This range-bound movement has produced lower lows, while the Relative Strength Index has produced higher lows, signaling a non-conformity termed as ‘bullish divergence.’

The resolution of the aforementioned technical formation forecasts an upswing in Ethereum price. The levels that ETH bulls are likely to target include $1,974, which is the midpoint of the recent nosedive.

Clearing this hurdle will allow Ethereum price to tag the $2,050 hurdle. In total, this move would constitute a 12% gain for traders.

If buyers fail to prop up Ethereum price and sellers takeover instead, it could spell disaster for traders. In such a case, ETH could slide into the bullish breaker, extending from $1,649 to $1,744.

A four-hour candlestick close below $1,744 that flips it into a resistance level will invalidate the bullish thesis for Ethereum price and potentially trigger a correction to $1,589 and $1,470 levels.

Ethereum can probably liquidate the daily OB

Apr 27 2023

Stop Loss -6.71%

Holding time 64d1hr

1701.65

Entry price

1587.45

Stop loss price