Ether Hovers Around $1,900 Ahead Of Today’s Shanghai Upgrade

Twitter icon  •  Published hace 11 meses  •  Hassan Maishera

Ether is trading close to the $1,900 level ahead of today’s Shanghai hard fork, while Bitcoin’s price could respond to the upcoming CPI data.

TL;DR

  • The Ethereum network’s Shanghai upgrade is slated to take place later today, with ETH still trading close to the $1,900 region.

  • Bitcoin is also trading around $30k ahead of today’s Consumer Price Index data in the United States.

ETH Trades Close To $1,900 As Ethereum Hard Fork Inches Closer

Ether, the second-largest cryptocurrency by market cap, continues to trade around $1,900 ahead of today’s Shanghai hard fork. ETH has lost more than 2% of its value in the last 24 hours and is now trading at $1,866 per coin.

The coin has failed to surge past the $2k psychological level in recent weeks but could do so over the next few days or weeks. The Shanghai upgrade is slated to take place today, but ETH has not priced in the event yet. With the Shanghai upgrade, Ethereum would finalize its migration to a proof of stake mechanism, as users would be able to unstake their ETH coins.

Bitcoin Trades At $30k As Investors Prepare For CPI

Bitcoin crossed the $30k psychological level earlier this week, trading at that level for the first time since June 2022. BTC has maintained its price close to $30k ahead of the US Consumer Price Index data later today.

Analysts expect the March CPI to continue a recent cooling trend, with the YoY rate rising 5.2%, down from the 6% recorded in February. The month-over-month rate is also expected to cool.

Market experts believe that if the CPI figures are high, Bitcoin could underperform and give up some of the profits it had accumulated in recent days. However, if the CPI figures are low, Bitcoin could continue its upward rally in the near term. 

At press time, Bitcoin is down by less than 1% and is now trading at $29,962 per coin.

 

Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.