Since the Ethereum Shanghai upgrade, which took up most of the week on the coin markets, ether has gone up by more than 9%.
During an exciting week with good inflation numbers and the long-awaited Ethereum Shanghai upgrade, the value of many digital assets increased. Along with the rise in prices and the number of trades, people’s once-shaken faith in the cryptocurrency markets grew.
Bitcoin (BTC) and Ether (ETH) have gone up by about 9% and 11% over the past week, respectively, with most of the gains happening in the last few days.
ETH price up 9% due to Shanghai update
Recent economic data showed that the number of people applying for unemployment was higher than expected and that inflation was lower than expected. Such signs may have been what the Federal Reserve (Fed) was looking for as a reason to not raise rates at the next FOMC meeting in May.
The best news in the coin markets was that the Shanghai update was finished, which let ETH investors get their ETH back. Since the update was done, the price of ethereum has gone up by about 9%.
Investors’ biggest worry was that the expected release of 18.2 million ETH would push down on the price of the asset. But so far, the de-risking of ETH staking has been good for the markets.
With its price going up, ETH is taking market capitalization away from bitcoin. The number of trades on the cryptocurrency market also went up. On Thursday, ETH’s daily value jumped to more than three times its 20-day moving average. Every day this week except Thursday, BTC volume went above its 20-day moving average.
This week, both BTC and ETH broke through the top of their Bollinger Bands, which is a sign of a stronger bullish trend. The technical Bollinger Bands indicator plots the moving average of an object along with two standard deviations above and below. In this case, a breach of the Bollinger Bands in a positive direction is a big deal
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