As Bitcoin price climbed back above $17000, the crypto space, specifically Ethereum also has gained some strength. Hence the prices are hovering close to the interim target at $1,300 but awaiting a bullish push that may make it possible. However, on the other hand, the developers recently announced the progress of the Shangai hard Fork release which may also be a major factor in ETH price strength.
ETH price displayed a strong recovery after the recent collapse. The upcoming network upgrade is considered important as it will enable the withdrawal of staked ether on the Beacon Chain for validators via Ethereum Improvement Proposal (EIP) 4895. Fragment the network.
Will this impact the Ethereum (ETH) price or it will be yet another ‘Buy the Rumour and Sell the news event?
Ethereum (ETH) price has plateaued around $1280 levels after clearing the hurdles at $1240, since the beginning of December. The token continues to remain with the decisive phase where-in both the possibilities of a surge and plunge appears to be likely.
Ethereum price broke below an important trend line during the FTX failure and marked a low near $1080. Since then the price has been trying very hard to retest the levels inside the decisive triangle which could attract the necessary strong hands to propel higher towards the next resistance at $1670.
In case, the price fails to do so, a rejection may drag the price lower close to $1100 initially, and if the bearish influence intensifies the ETH price may reach the yearly lows of $1000 too. However, the Ethereum price continues to manifest its strength due to which a bearish perspective appears unlikely.
