Ethereum (ETH) has lost all its post-Shanghai upgrade gains and dropped by 11.8% over the last week. After the upgrade, ETH had surged above $2,100, but it is now trading at $1,855, almost $300 below the post-Shanghai highs. In recent days, the cryptocurrency market has been quite fragile due to the increased threat of an economic recession. The top cryptocurrencies have been affected, with Ethereum declining below its pre-Shanghai price levels, and the global cryptocurrency market cap has also been declining since hitting a high above $1.25 billion on Thursday, April 13.
The sudden drop in price has left ETH investors and traders wondering what the future holds for Ethereum’s price, especially since the Shappella upgrade was seen as a game changer for the second-largest cryptocurrency by market cap. Ethereum’s price has already dropped past the first support level at $1,896, and it is still too early to determine whether the bearish breakout is genuine or false at its current price of $1,855.
If today’s candlestick closes below yesterday’s low of $1,913.60, there could be a high likelihood of a further decline towards the next significant support level at $1,846, a scenario that sees the cryptocurrency maintain a bearish trend until the end of the week. If the price closes above $1,900 today, it could trigger a bounce back towards the $1,930 price zone tomorrow.
Looking into the future from a midterm perspective, the price of Ethereum has retreated to the middle of a wide trading range, with sellers taking control, as the price remains below the $2,000 level. This is a likely indicator of the cryptocurrency facing continued pressure and struggling to regain its previous bullish momentum.
In conclusion, Ethereum’s post-Shanghai upgrade gains have been lost, and its price has dropped significantly in recent days. Although the future remains uncertain, traders and investors will be closely watching Ethereum’s price movements to determine if it will recover from this setback or continue to face continued pressure.