Bitcoin, Ethereum Technical Analysis: ETH Hits $2,000 Following Shapella Upgrade

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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.

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Do you expect ethereum to remain higher this week? Leave your thoughts in the comments below.