Ether Circles Above $1.9K as Shanghai Hard Fork Nears
Ether (ETH), the native token of the Ethereum blockchain, circled above $1,900 for much of Wednesday, a week before the Shanghai hard fork. The second-largest cryptocurrency by market capitalization was recently trading at $1,913, up about 2.2%. Earlier in the day ETH surged to $1,941, its highest level since last August. The Shanghai upgrade, also called Shapella, will mark the completion.
Tamplin said ETH is likely to meet its resistance initially near $2,000, “a psychological threshold that roughly aligns with the August 2022 high.” Its initial support is near $1,670, he added. Bitcoin (BTC), the largest cryptocurrency by market value, was about flat from Tuesday, same time, to trade at around $28,280. BTC has been range-bound between $27,000 and $28,500 for much of the past three weeks, ETH continued to turn deflationary, with its annualized inflation rate currently sitting at -0.32%, according to data from ultrasound.money. This means the amount of ETH being burned is more than what is being minted.
Source
https://t.me/DeFi_Ethereum
