Ethereum’s Shanghai Upgrade is one step closer to its execution. The hard fork is tested on the Goerli public testnet
Ethereum price analysis remains bearish for the day following a price rejection near $1,720. The market seemed to discount the Shanghai update as Ethereum validators are very close to being able to unstake their Ether from the Beacon Chain. In the latest development, the Shapella hard fork has been tested on the Goerli testnet- the final test run before Ethereum validators could withdraw their Ether.
However, there was some issue with the hard fork. The deposits were processed but the process didn’t run as smoothly as per Ethereum core developer Tim Beiko.
Ethereum Struggles Near $1,720 On 4-hour Chart
After testing the high of $1,784.10 in the previous session, the Ethereum price slipped below $1,720. There is a critical horizontal resistance zone playing near the mentioned level that extends from February.
Ethereum price formed a ‘bullish piercing’ pattern from the low of $1,369 on the four-hour chart. ETH price appreciated nearly 8% in the last four days. Bears are active near the high and managed to pull back ETH below $1,720.
The On Balance Volume (OBV) indicator turns sideways suggesting bulls are taking a breather as it still holds near the higher levels.
However, if the selling persists the price could break the 0.23% Fibo. retracement level and could test $1,645 followed by the support level of around $1,600.
On the other hand, if the buyers participate ETH price would first breach $1,720, and then captures the $1,800 mark.
