Ethereum Drops Below $1,800 But Shanghai Upgrade Promises Future Gains

Ethereum recently dipped below $1,800 but is expected to gain traction ahead of the anticipated Shanghai upgrade. The surge in DeFi activity following the banking crisis, which led to investors moving funds into Ethereum-based DeFi protocols, signals a potential bull rally.

Timeline of Ethereum

On 20 March, Euler Finance's hacker sent a message to an Ethereum [ETH] address related to the DeFi platform. After Euler issued an on-chain ultimatum demanding the funds' return, the hacker offered to start a dialogue.

A popular crypto analyst known for calling the 2018 Bitcoin (BTC) bottom thinks Ethereum (ETH) is primed for a breakout. Pseudonymous trader Smart Contracter shares a chart with his 221,700 Twitter followers that suggests Ethereum could shoot up past the $1,900 range in short order.

Over the last few months, layer two (L2) protocols on the Ethereum [ETH] blockchain have gained noteworthy recognition. Needless to say, a project like Optimism [OP] sustained being the star among many.

Ethereum (ETH) price has shown signs of a potential downturn as it reached an exhaustion of bullish momentum, signaling a possible drop in the near future. According to analysts, ETH has produced a clear sell signal, indicating a shift in the cryptocurrency's trend.

RockX, a blockchain node network headquartered in Singapore, announces the launch of Bedrock — the world's first AML and KYC compliant, institutional-grade Ethereum liquid staking platform to have gone live to the public.

Holders of Ethereum [ETH] savored the surreal rise of the cryptocurrency over the last two weekends. Because of the hike in value, the demand for the altcoin king significantly increased even as the price touched $1,800.

On March 17th, the Ethereum coin price gave a decisive breakout from the resistance trendline of the megaphone pattern. The pattern formation itself is a sign of uncertainty among participants accentuating an unclear trend the ETH price witnessed since February 2023.

The value of Ethereum has been causing unease among investors due to the growing possibility of a decline in price. As Ethereum continues to experience fluctuations in value, investors are closely monitoring the situation to determine whether they should hold or sell their investments.

Coinsilium Group Ltd (AQSE:COIN, OTCQB:CINGF) told investors that a new ‘multiverse' non-fungible token (NFT) standard (ERC-5606), developed in a project backed by the company, has now been approved on Ethereum. The NFT standard is described, in a statement, as a significant contribution to building interoperable Web3 infrastructure on the Ethereum blockchain, and, it is  fully compatible with, the most popular NFT standards today (ERC-721 and ERC-1155).

Although the price of Ethereum (ETH) has recently reached a seven-month high, demonstrating an increase in demand, the network hasn't seen an increase in transaction fees, which indicates that the value of the Ethereum coin could continue to grow.