"Will ETH continue to rise or will it suddenly plunge?"
A week before the Shanghai upgrade, the price of the second largest cryptocurrency Ethereum (ETH) managed to surprise investors when it jumped drastically by 5.75% to break through the level of $1,913 in the last 24 hours.
On the weekly chart, ETH finally beat the performance of other altcoins including Bitcoin (BTC) as the digital asset saw a gain of around 7.3% for the first time since August 2022.
It is well known that the increase in the price of ETH, which recorded the highest level in 8 months, is due to ETH sharks acting aggressively in collecting the digital asset over the past few months.
Explained further, addresses holding $10,000 to $100,000 worth of ETH have increased their holdings by $4.24 billion in the last nine months while over 200,000 addresses were found to have purchased 18 million of the digital asset.
According to Ali Martinez, a popular crypto analyst predicts that the next critical resistance zone for ETH will be at the level of $2,100 or $2,150, and if it breaks through that price then the digital asset may be able to jump higher.
Although the crypto market recorded a strong recovery in 2023, ETH including BTC remains concerned with the drying up of liquidity since the crypto exchange company FTX faced collapse.
Coupled with the banking crisis, both digital assets have seen a slight decline but are still holding out, with BTC now up around 1.43% to $28,510 in the last 24 hours.
