Ethereum is steadily approaching its Shanghai upgrade, scheduled for April 12. The highly anticipated Shanghai upgrade will facilitate the withdrawal of staked Ether (stETH). In contrast to Bitcoin's performance, Ethereum recorded gains of 3.59%, ending the week at $1,858.92.
Two crucial price levels for Ethereum are $1,700 and $2,000. It is vital for the cryptocurrency to remain above the lower boundary while aiming to surpass the $2,000 mark. Additionally, Ethereum is favorably positioned above key moving averages, including the 21-day (yellow), 8-week (blue) exponential averages, and the 200-week (green) arithmetic average.
In this week, the market's focus will be on the Shanghai upgrade and Ethereum's subsequent performance following this significant event. To revert to a downtrend, Ethereum would need to fall below $1,600, while displaying strength in the weekly outlook. Keep a close eye on the impact of the Shanghai update and the crypto's behavior as it navigates through this pivotal milestone.
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