TL;DR
Ether has crossed the $2k psychological level for the first time since August 2022.
The rally after the Shanghai upgrade was completed less than 48 hours ago.
Ether is currently outperforming Bitcoin and a host of other major cryptocurrencies.
Ether Crosses The $2k Psychological Level
Ether, the second-largest cryptocurrency by market cap, is the best performer amongst the top 10 cryptocurrencies by market cap in the last 24 hours. ETH has added more than 11% to its value over the past few hours and is now trading above $2,100 for the first time since August 2022.
The rally comes less than 48 hours after the completion of the Shanghai upgrade. The Shanghai hard fork was executed at 22:27 UTC and finalized at about 22:42 UTC.
The upgrade has been recognized as a historic milestone by the Ethereum community as it completes a multi-year transition to a full proof-of-stake network.
Ether is now rallying following the upgrade. ETH is trading at $2,116 per coin at press time.
The Ether technical indicators also show that the coin is bullish and could rally higher soon. The MACD line is within the positive territory, indicating that the bulls are currently in charge of the market.
The 14-day RSI of 85 also shows that ETH is currently in the overbought region and could rally higher if the bullish momentum continues.
Ether is also outperforming Bitcoin at the moment. Bitcoin, the world’s largest cryptocurrency by market cap, is trading at $30,767, up by more than 2% in the last 24 hours.
