Despite the bear market, ETH staking remains popular, with only 20% of all staked ETH currently profitable. Notably, a significant portion of staked ETH was purchased at $1,300, now profitable due to recent price surges. However, most staked ETH (between $2,500–$3,500) remains at a loss.
In March, Ethereum is set for its first major network upgrade since ETH 2.0: the Shanghai update. This will allow stakers to withdraw assets freely, potentially boosting market confidence.
Ethereum Faces Key Resistance
ETH’s price has declined under a descending resistance line since its August 14, 2023, peak of $2,030, bottoming at $1,073 on November 9. The current uptrend aims to break the $1,330 resistance—a confluence of the descending line and a historical price zone.
- Breakout confirmation: Surpassing $1,330 could validate bullish forecasts.
- Rejection risk: A pullback may test short-term support at $1,230.
(Source: TradingView)
ETH/BTC Primed for a Bullish Breakout?
Since May 2021, the ETH/BTC pair has traded below 0.077 ₿, with brief deviations (red circles). Recent months saw consolidation within a symmetrical triangle, which the pair broke last week. Now, it eyes the 0.077 ₿ resistance:
- Bullish target: A full breakout could propel ETH to 0.096 ₿ (Fibonacci 1.27 retracement).
- RSI signal: The weekly RSI shows strength, crossing above a bearish divergence trendline and 50 level.
A weekly close above 0.077 ₿ would confirm the uptrend, while rejection might retest support at 0.065 ₿.
(Source: TradingView)
Key Takeaways:
- ETH/USD: Direction hinges on breaking/resisting the descending trendline.
- ETH/BTC: Strong bullish signals suggest an impending rally.
👉 Discover expert crypto insights to navigate market shifts.
FAQ
Q: What’s driving ETH staking profitability?
A: ETH staked at lower prices ($1,300) is now profitable, but higher entry points ($2,500+) remain underwater.
Q: How might the Shanghai upgrade impact ETH’s price?
A: Enabling staking withdrawals could increase liquidity and investor confidence, potentially driving demand.
Q: Is ETH/BTC a better hedge than ETH/USD?
A: ETH/BTC’s bullish structure suggests outperformance against BTC, making it a strategic pair to watch.
Morale: When USD performance lags, monitor BTC-based pairs for hidden opportunities.
(Disclaimer: This analysis is informational only. Conduct independent research before financial decisions.)
👉 Stay ahead with real-time market data.
### SEO Keywords:
1. ETH/BTC price prediction
2. Ethereum staking profitability
3. Shanghai upgrade impact
4. ETH resistance levels
5. Crypto market trends
6. Bitcoin trading pairs