http://jaberwalk.victoryc.hop.clickbank.net/
Ethereum (
$1,883.88 ) ’s Ether (ETH) token has entered a sharp price recovery a week after hitting a six-month low versus Bitcoin (
$63,847.00 ) (BTC).
On April 18, the widely-tracked ETH/BTC pair reached 0.0709 BTC, up about 15% from its local bottom of 0.0602 BTC six days ago. Now, the pair eyes a run-up toward 0.075 BTC by June, based on the fractal setup previously discussed here.
Ethereum ( $1,883.88 ) ’s Shapella FOMO
Interestingly, Ether’s local bottom formation versus Bitcoin ( $63,847.00 ) occurred on the day of Ethereum ( $1,883.88 ) ’s long-awaited Shapella upgrade.
The hard fork enables Ether stakers to withdraw their rewards — around 1.1 billion ETH — from Ethereum ( $1,883.88 ) ’s proof-of-stake smart contract. This update may have boosted ETH’s appeal compared to BTC, beating anticipations that a freshly unlocked Ether supply would increase sell-pressure.
Stakers have withdrawn 574,700 ETH — worth about $1.21 billion — since the Shapella upgrade on April 12, according to data fetched by Nansen. Interestingly, Ether’s price in U.S. dollar terms has increased by 14.25% in the same period.
It means that many stakers have decided to hold onto their Ether rewards. On the other hand, Bitcoin ( $63,847.00 ) has failed to log a decisive breakout above its technical resistance of $30,000, possibly making ETH a more attractive short-term bet for traders.
Weak institutional inflows versus Bitcoin ( $63,847.00 )
Institutional investors have shown more interest in Bitcoin ( $63,847.00 ) than Ether in the past week, according to CoinShares’ weekly report.
For instance, Bitcoin ( $63,847.00 ) -based investment vehicles witnessed $103.8 million in inflows in the week ending April 14. In comparison, Ethereum ( $1,883.88 ) funds attracted $300,000 only, showing that mainstream investors may have followed the “sell the news” strategy after the Shapella upgrade.
Ethereum ( $1,883.88 ) price meanwhile is also at risk of a possible bearish reversal move due to its overbought daily relative strength index (RSI).
Related: Shapella could bring institutional investors to Ethereum ( $1,883.88 ) despite risks
If ETH price retreats from its current resistance level of around $2,140, its immediate downside target appears at around $1,984, which acted as resistance in May 2022 and August 2022.
An extended selloff could push Ether price down to its 50-day exponential moving average (50-day EMA; the red wave) near $1,800, down about 15% than its current price levels.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
