Will Ethereum (ETH) Price Rally Like Aptos (APT) Due To This Key Metric?
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The price of Ethereum (ETH) is currently recording gains for the year of about 30%, which the flagship cryptocurrency has accomplished in just three weeks. In spite of the fact that there are a few bearish indications that occur along the levels of lower timeframes, bulls have nevertheless managed to maintain their dominant position.
Ethereum’s Key Metric Hit ATH
In the past several weeks, ETH has been on a tear, skyrocketing from a price of roughly $1,200 to a recent high of $1,568. This has been an incredible run for the crypto with the second-highest market capitalization. Since the beginning of January 2023, the price has increased by more than 32%, and it is currently consolidating above important support levels. The trading volume for Ethereum has dropped by more than 14% in the past twenty-four hours, which suggests that there is not a significant amount of purchasing pressure at the current levels.
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However, the upgrade to Ethereum Shanghai is something that holders of ETH are eagerly awaiting because they anticipate it to propel the price of the coin to new heights in the crypto market. It is expected that the Shanghai fork will become operational in March of 2023. And, according to the latest update, the total value in the ETH 2.0 deposit contract just reached an all-time high of 15,513,575 ETH.
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