• Ethereum (ETH) is currently on an upward trajectory and is aiming for the $2,000 milestone.
• The recent Shanghai update will allow investors who stake ETH in the Ethereum Beacon Chain to earn staking rewards.
• ETH is exhibiting positive technical indicators, with its RSI at 41.13 and its MACD giving off a buy signal.
The crypto asset Ethereum (ETH) is currently on an impressive upward trajectory. After entering Thursday by breaking through the $1,400 mark for the first time in two months, the asset is now aiming for the $2,000 milestone. With a 4.35% increase in the past 24 hours, ETH has beaten the broader market and its 2.58% increase in the same period. At press time, ETH is holding strong at $1,401.
On the technical front, ETH is doing quite well. Its recent price surge has given it enough momentum to cross all its moving average (MA) indicators – from the 10-day MA of $1,399 to the 200-day MA of $1,357. Short-term MA metrics are gaining on ETH, however a sustained rally should keep the asset’s value above these metrics for the time being. With a positive moving average convergence divergence (MACD), ETH is giving off a buy signal. Additionally, the asset’s relative strength index (RSI) of 41.13 indicates that ETH isn’t overbought.
The positive sentiment surrounding ETH is due to multiple reasons. Firstly, many believe that the Federal Reserve should cut interest rate hikes this month, which has resulted in crypto prices sharply increasing. Secondly, the upcoming Shanghai update is expected to further fuel the asset’s rally. This upgrade will allow investors who stake ETH in the Ethereum Beacon Chain to earn staking rewards. This new feature is expected to bring more investments and traders into the Ethereum network, driving the ETH price even higher.
These positive technical and market metrics suggest that ETH could very well reach the $2,000 milestone in the near future. With ETH’s current price momentum, staking rewards, and bullish market sentiment, it is likely that ETH will continue its upward trajectory in the coming months.