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ETH Bulls Eye a Breakout from $1,950 on Shapella Upgrade Reaction
On Wednesday, ETH defied a negative market trend, with a positive response to the Shapella Upgrade. In the next days, stake numbers will need to be watched carefully.
On Wednesday, Ethereum (ETH) increased by 1.43%. ETH finished the day at $1,919, reversing a loss of 0.99% from Tuesday. ETH avoided sub-$1,850 for the second straight day despite a bumpy session.
ETH saw a negative start to the day, dropping to a low of $1,856 in the morning. ETH broke through the First Major Support Level (S1) at $1,870 before bouncing back to a high of $1,934 in the early afternoon. Before dropping back down under $1,900, ETH broke over the First Major Resistance Level (R1) at $1,926. However, ETH retested R1 before relaxing back after a bullish day's finale.
Delivering a trend-bucking Wednesday session, Shapella Upgrade
Despite allowing withdrawals from the Beacon Chain, a successful Shapella Upgrade supported the price of ETH on Wednesday.
In contrast to the Merge, which pushed ETH into retreat in September, price activity on Wednesday was volatile.
Following the switch to a Proof-of-Stake system, staking inflows increased and total value staked continued its upward trajectory, indicating positive enthusiasm about Ethereum.
Staking inflows climbed from 11,456 ETH on Tuesday to 16,736 ETH on Wednesday, according to CryptoQuant. Staking inflows increased for the fourth day in a row, which is significant.
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