The Ethereum price has been revving up ahead of Wednesday’s Shanghai upgrade. With the crypto market also preparing for this week’s high-impact news including the CPI, the Ethereum price is poised for increased volatility ahead. Trading around $1,855, Ethereum price gained about 30 percent in the last four weeks but consolidated since March 14.
Ethereum Technical Analysis
From a technical standpoint, the Ethereum price on the daily time frame has rebounded on the upper edge of the rising channel that began earlier this year. The possibility of Ethereum retracting and hitting the lower edge of the rising channel offers bulls a solid chance of entering the market.
Nevertheless, the bulls could outperform the bears in the Ethereum market and help the price push above the upper side of the rising channel.
Crypto Tony on Macro Update
Veteran crypto trader and investor with over 283k Twitter followers, @CryptoTony, is highly convinced the altcoin season is about to kickstart in the coming weeks. Moreover, the analyst noted that EdaFace is in the last leg before a retrace below $26k.
As the hype on the Ethereum ecosystem intensifies ahead of the Shanghai upgrade, Crypto Tony expects the digital asset to rally towards between $2,100 and $2,200.
“The key level to take some profit on long positions will be around $2,100 – $2,200,” the analyst wrote.
However, before Ethereum price rallies towards the take profit range, Crypto Tony anticipates a market pullback to around $1,700. As a result, long traders can have a better chance to enter the market and book higher profits.
Also Read: Ethereum Gears Up For The Massive Shanghai Upgrade: Here’s What To Expect – Coinpedia Fintech News
Nevertheless, the analyst agrees with most other crypto traders who think the 2022 bear market is over.
