Ethereum price to continue outperforming Bitcoin into the Shanghai upgrade - analysts
Investing.com | Author Senad Karaahmetovic
Published Apr 05, 2023 10:01AM ET
Ethereum (ETH) price to continue outperforming Bitcoin (BTC) into the Shanghai upgrade - analyst
By Senad Karaahmetovic
Bernstein analysts believe Ethereum (ETH) price is in a break-out pattern against Bitcoin (BTC) after a period of underperformance (ETH up 59% vs. BTC up 73% YTD).
The ongoing ETH outperformance is "very similar to what we saw in the Ethereum upgrade to Proof-of-stake in September 2022, where ETH rallied into the 'Merge' event."
This time, Ethereum price is rallying into the Shanghai upgrade, the next major upgrade scheduled for the world’s second-largest digital asset.
"With Ethereum's Shanghai upgrade scheduled for April 12, we are seeing a similar break-out with ETH up 6% in last 24 hours (ETH at $1915), and showing first signs of relative strength versus Bitcoin," the analysts said in a client note.
ETH/USD price is up over 2% today to hit the highest level since last August. The bulls are now eyeing a test of the psychologically important $2,000 level, followed by a 38.2% Fibonacci retracement resistance located around $2400.
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