Following the withdrawal of approximately $20 billion from failed financial institutions such as Signature Bank and Silicon Valley Bank, interest in Ethereum skyrocketed.
Numerous primary on-chain indications, notably a recent increase in DeFi activity, indicate that Ethereum is primed for a bull run in the coming weeks. Utilizing CoinCodex’s technical analysis indicators, we were able to forecast the Ethereum price on Easter Sunday, 2023, just ahead of the long-awaited Shanghai update on April 12. Several investors anticipate the sale of around 16 million staked ETH tokens in the event of a successful launch.
According to data collected on March 24, ETH is expected to trade at $1,763 on April 9.
ETH Easter price forecast | Source: CoinCodex
According to data acquired on March 24, PricePredictions anticipates a more significant rise in the asset’s valuation to trade at $1,839.99 on April 9.
ETH Easter price forecast | Source: PricePredictions
As the price of Ethereum reaches $2,000, it is very likely that it will meet relatively minor resistance. 2.8 million addresses, totaling 3 million ETH, have the potential to benefit from this. Despite this, assuming the current sell zone does not disturb the rise, a gain toward $2,900, where 26 million addresses purchased 8.3 million ETH, is likely.
For the bears to win control of the market, the price of Ethereum must go below $1,600, implying that 14.3 million addresses have already purchased 8.3 million tokens. A prolonged decrease below this support zone might trigger a sharp drop below $1,400, prompting a cluster of 16 million addresses to try to unload some of their 6.4 million ETH to protect themselves from further losses.
ETH/USD 4-hour chart | Source: TradingView
As a result, Ethereum holders will watch the Shangai upgrade closely to see how the events unfold. ETH is trading at $1,750, up 2% in the last 24 hours and 3.46% in the last week, with a total market capitalization of $218 billion.
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