Ethereum (ETH) Hits $2,000 Mark Following Shanghai Upgrade Launch

Samuel Edyme

2 years ago

3 mins read

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Almost 24 hours ago, the Ethereum (ETH) long-awaited Shanghai Upgrade took place successfully. Many have anticipated a dip alongside the upgrade. However, contrary to expectations, the price of Ether (ETH) has been on an upward trajectory since the upgrade took place.

Over the past 24 hours, following the Shanghai launch, Ethereum has recorded a bullish trend that is currently up by more than 6% with its market price now trading above the $2,000 mark. Its trading volume has also surged suggesting buying pressure.

Ethereum (ETH) Surges Over 6%

As of yesterday, prior to the Shanghai upgrade launch, ETH was in a downtrend trading below $1,900. This could be a result of some investors in the hours leading to the upgrade selling off their ETH holdings in anticipation of a price crash.

However, after the upgrade was completed, the price of ETH started to rise steadily, and within 24 hours, it had breached the $2,000 mark. Looking at the chart, ETH just broke the marked resistance and is about to hit a major high around the $2,030 region.

Ethereum (ETH) price chart on TradingView.com — Ethereum (ETH) price just hit a major high on the 1-day chart. Source: ETH/USDT on TradingView.com

Should ETH tap into the major high, the price of the asset could see a notable fall as a retracement. This could happen due to several traders’ take profit orders being triggered as the $2,000 mark is a notable region for the asset to trade above.

A trading price of $2,000 or above $2,000 would ETH be about 58% below its peak of $4,878 seen in November 2021. Meanwhile, Ethereum’s trading volume almost doubled last week’s daily volume. The asset currently has a 24-hour trading volume above $15 billion indicating strong buying pressure going on.

In contrast, the asset has also added more than $10 billion to its market cap, increasing from a cap low of $225 billion as of April 12 to $240 billion, at the time of writing.

Reason Behind ETH Unexpected Price Surge?

Though there is no accurate reason behind the unexpected surge of Ethereum following the Shanghai launch, this spike could be attributed to a number of factors.

As the global crypto market has been in an upward trend, the overall bullish sentiment in the market may have impacted the rising price of ETH. Bitcoin, the world’s largest cryptocurrency, has been on an upward trajectory in recent weeks, and this could be influencing the value of other cryptocurrencies, including ETH.

In addition, increased investor confidence in the Ethereum network may have also contributed to ETH’s current surge following the Shanghai launch. Many investors believe this upgrade is an important milestone for the Ethereum network since the merge last September.

As a result, while many may have seen that it might cause a price dip, some investors may have also seen it as a great catalyst indicating a continuous development of the Ethereum network as well as long-term success and adoption of the platform and therefore, put more money into ETH.

Furthermore, as more users are able to participate in the staking process knowing fully well they can now earn rewards and be able to withdraw them, the demand for ETH might have increased contributing to the current surge.

Featured image from Shutterstock, Chart from TradingView

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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