ETH Surpasses $1,900 Mark, Marking its Highest Record Since August 2022

Ethereum (ETH) has broken through the $1,900 mark and is currently recording $1,913, according to TradingView. The 24-hour increase of 5.8% is the highest since August 2022. The upcoming Shanghai upgrade is now in focus, with many anticipating whether the Ethereum rally will continue.

ETH/USDT 1 hour-chart on Binance | Source: TradingView

The upgrade will allow Ethereum which has been staked on the Ethereum Beacon Chain since December 2020 to be withdrawn, which is considered a long-term bullish factor for Ethereum and other liquid staking tokens.

The Ethereum Foundation has confirmed that the Shappella upgrade will start on April 13 at 07:27:35 Korea time, at epoch 194048. Many investors and industry experts have been bullish on Ethereum’s future prospects. Lewis Harland, Portfolio Manager at Decentral Park Capital, recently noted that Ethereum is part of a broader capital cycle and looks poised to regain its position against Bitcoin.

Recent reports from Santiment indicate that the surge in Ethereum’s price to a near 8-month high is largely attributed to consistent accumulation by large-scale investors. The data shows that addresses holding between 100-10,000 $ETH have been steadily accumulating over the past nine months, with a total accumulation of $4.24 billion during this period. This bullish trend of accumulation by these large investors suggests a positive outlook for Ethereum’s future prospects and indicates growing confidence in the cryptocurrency market.

Source: Santiment

Other major cryptocurrencies have also been performing well. Bitcoin is currently recording $28,599, up 2.88% over the past 24 hours. Polygon rose 5.26% to $1.16, Solana rose 3.95% to $21.25, and Avalanche rose 5.38% to $17.96. Lido Dao rose 15.36% to $2.78, Aptos rose 3.39% to $11.62, and Near Protocol rose 5.10% to $2.03.

One cryptocurrency that is currently attracting attention is Arbitrum, which is recording $1.26, up 8.0%. The foundation’s unauthorized sale of coins has caused controversy and led to some market uncertainty, but the recent increase in price suggests that investors remain optimistic about the platform’s potential.

Overall, the cryptocurrency market has been performing well, with many investors feeling bullish about the future prospects of Ethereum and other major cryptocurrencies. With the upcoming Shanghai upgrade and a historically bullish month for the stock market, it will be interesting to see how the market develops in the coming weeks.

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