Ether, the native token of the Ethereum blockchain, circled above $1,900 for much of Wednesday a week before the Shanghai hard fork. Earlier in the day ETH surged to $1,941, its highest level since last August. _jocelynyang_ reports
Tamplin said ETH is likely to meet its resistance initially near $2,000, “a psychological threshold that roughly aligns with the August 2022 high.” Its initial support is near $1,670, he added.
Bitcoin , the largest cryptocurrency by market value, was about flat from Tuesday, same time, to trade at around $28,280. BTC has been range-bound between $27,000 and $28,500 for much of the past three weeks, Greg Magadini, director of derivatives at crypto analytics firm Amberdata, noted in an email discussingmarkets that ETH’s 25-delta calls have become more expensive than ETH’s 25-delta puts, which showed traders' preference for upside exposure. Typically, the call buyer is bullish on the market, while the put buyer is bearish.
“The recent rally was heavily led by BTC, but now with the upgrade and the enthusiasm around Twitter and dogecoin speculation, we’re seeing interest begin to pick up in altcoins,” Magadini wrote. ETH continued to turn deflationary, with its annualized inflation rate currently sitting at -0.32%, according to data fromMeanwhile, liquid staking protocols’ governance tokens including Lido DAO’s
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