Bitcoin (BTC), the world’s largest cryptocurrency, started the week on a solid upward trajectory and has been stabilizing around $28,400. Similarly, Ethereum, the second most popular cryptocurrency, has gained significant traction following the upcoming Shanghai update on April 12 and is approaching the $1,900 mark.

As a result, the total value of all cryptocurrencies on the market rose by less than 0.5% to just over $1.18 trillion over the past 24 hours. The total trade volume increased by nearly 11% to $29.98 billion.

As a result, the total value of all cryptocurrencies on the market is slightly higher, at around $1.18 trillion, up less than 0.5% over the past 24 hours. Total trade volume grew nearly 11% to $29.98 billion.

Additionally, popular digital currencies such as Dogecoin (DOGE), Ripple (XRP), Solana (SOL), and Litecoin (LTC) also saw small price increases.

Curve DAO Token Price

On the contrary, Curve DAO Token (CRV) fell 2.50% in 24 hours, making it one of the biggest losers. Curve DAO Token (CRV) is losing appeal after rising about 12.56% last week.

Curve DAO Token is currently trading at $0.998456 with a 24-hour trading volume of $50.6 billion. Curve DAO Token is down 3.51% in the past 24 hours.

Upcoming Shanghai Update boosts Ethereum network growth, with record number of Ethereum addresses reaching 97 million

The Ethereum blockchain recently reached a new milestone, reaching a record-breaking 97 million non-zero addresses. This shows a growing interest in cryptocurrencies, which is seen as good news for the Ethereum ecosystem as it reflects the widespread adoption of decentralized finance (DeFi) and non-fungible tokens (NFTs) built on top of the Ethereum network.

However, the upcoming Shanghai update, set to be released on April 12, will unlock around 18 million ETH for validators and other staking participants. This will allow them to collect their ETH and staking rewards, which will amount to around 15% of the token’s supply.

However, validators will be subject to speed limits for initially withdrawing deposited ETH.Another positive development from the Shanghai update is the inclusion of Ethereum Enhancement Proposals to reduce costs for network developers.

Therefore, the growing interest in ETH will lead to an increase in its value. In addition, unlocking staked ETH may increase selling pressure, but this may be overshadowed by the positive sentiment surrounding the development of the ETH network.

Arkansas passes bill to regulate Bitcoin mining: a positive sign for the US crypto industry

Another positive factor that has been supporting the cryptocurrency market could be the recent approval of a bill regulating Bitcoin mining. Notably, the U.S. state of Arkansas recently passed a bill to regulate Bitcoin mining activities within its borders, setting guidelines for miners and protecting them from discriminatory regulations and taxes.

This follows a similar move in Montana, while New York has banned crypto mining activities for two years.

Therefore, this news will have a positive impact on BTC and ETH prices as it bodes well for the overall acceptance and regulation of the crypto industry in the United States, which could lead to increased adoption and investment in the long run.

Bitcoin is expected to reach $130,000 by the end of the year using Elliott Wave Theory

According to a prominent analyst who uses a technical analysis method known as the Elliott Wave Theory, the price of Bitcoin (BTC) will rise to $130,000 by the end of 2023. However, predictions of a massive Bitcoin rally could lead to increased interest and investment in Bitcoin, potentially causing its price to rise.

However, the generally positive sentiment towards the cryptocurrency industry is likely to benefit all cryptocurrencies, including ETH.

Bitcoin Price

The current Bitcoin price is $28,238.88 with a 24-hour trading volume of $12,541,988,401. Bitcoin is up 0.56% in the past 24 hours.

Technical analysis suggests that BTC/USD could face resistance at $28,500, despite showing a bearish bias.

If Bitcoin breaks the $28,250 resistance level, its value could rise to $28,900 or even $29,250. However, in the event of a bearish trend, important support is expected at levels around $26,500 and $25,500.

Ethereum Price

Ethereum is currently trading at $1,862 with a 24-hour trading volume of $6.5 billion. Over the past few hours, Ethereum has experienced a 0.50% increase and is currently valued at $1,870 with a 24-hour market volume of $9 billion.

The ETH/USD pair has an immediate support at the $1,850 level. If the candle closes above this level, a bullish rally can push the price towards $1,920 or even $1,945.

On the other hand, a bearish break below the $1,850 level could lead ETH price to drop to $1,800 or even the double bottom support area at $1,770. Overall, Ethereum’s trading outlook appears bullish, as evidenced by the formation of an ascending channel on the 4-hour timeframe.