Ethereum moved above $2,000 on Thursday, as markets continue to react to the successful Shanghai update. The upgrade, which is also known as “Shapella,” took place late last night, enabling withdrawals on the blockchain. Bitcoin remained above $28,000.
Bitcoin
Bitcoin (BTC) continued to trade above the $30,000 mark on Thursday, as crypto markets remained buoyed by the latest U.S. inflation report, which fell to 5%.
Following a $29,725.57 low on Wednesday, BTC/USD rose to an intraday peak of $30,462.48 earlier in the day.
This move sees bitcoin remain near a ten-month high of $30,584, which it hit during Tuesday’s trading session.
Looking at the chart, today’s slight rise in price comes as the 14-day relative strength index (RSI) bounced from its floor at 68.00
At the time of writing, the index is now tracking at 69.73, with the next visible point of resistance at 71.50.
Should the index move beyond this point, there is a good chance that ethereum will move past $30,500.
Ethereum
Boosted by the Shanghai update, ethereum (ETH) outperformed BTC in today’s session, climbing by around 7% in the process.
ETH/USD surged to a peak of $2,007.05 earlier in today’s session, less than a day after trading at $1,882.37.
As a result of today’s surge in price, the world’s second largest cryptocurrency hit its highest level since last August.
This eight-month high came as price strength rose beyond a ceiling at 65.00. It is now at a reading of 69.44.
A resistance level of 75.00 appears to be the next hurdle for bulls, and should momentum continue in an upward direction, ETH could move above $2,100 this week.
Register your email here to get weekly price analysis updates sent to your inbox:
Do you expect ethereum to remain higher this week? Leave your thoughts in the comments below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Read disclaimer