On Friday, Ethereum (ETH) rose by 6.98%. After a 1.21% increase on Thursday, ETH closed at $1,794 at the end of the day. It’s noteworthy that ETH has revisited the $1,800 handle for the first time since August 2022.
Due to a mixed start to the day, ETH dropped to an initial low of $1,666. After the First Major Support Level (S1) was clearly established at $1,645, ETH bounced back to reach a high of $1,804 in the final hours before taking a breather. ETH eventually broke through the day’s resistance levels to close at $1,794.
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Get Ready for a Boost in ETHEREUM Investments: Recent Upgrades and Staking Inflow Signal Positive Trend in the US Banking Crisis!
Investment flow in ETH has increased due to the crisis in the American banking sector. Following the announcement of the All Core Developers Execution Layer (ACDE) call and the April 12th Shephela upgrade target date, there has been no further update from Ethereum developers on the Shephela upgrade. While developers had aimed to roll out the upgrade in March, investors were not too disappointed by the mid-April upgrade.
Current market conditions suggest a rapid ETH response to the April upswing. After the Shephela upgrade, ETH value may decline, and the influx of ETH to exchanges could cause an ETH reaction to market decline. However, the recent increase in staking flow suggests a bullish trend as the Federal Reserve tries to stem the American banking crisis.
According to Cryptoquant, staking inflow increased on Friday in response to an $1,800 ETH return. On Thursday, staking inflow rose from 18,208 ETH to 22,176 ETH. The level above 20,000 suggests a bullish trend, given the historical levels of staking flow.
However, investors are keeping an eye on staking inflow and the total value of staked numbers to gauge the health of the ETH market.
On Friday, ETH joined the expansive crypto market during the breakout session. The demand for cryptocurrency increased as 11 banks, including the First Republic Bank, pushed for crypto asset procurement. SVB Financial Group’s (SIVB) bankruptcy filing for security, Fed bailouts surpassing levels seen during the global financial crisis, and rising levels of financial distress were the catalysts.
With a 9.14% surge in Bitcoin (BTC), the crypto market cap increased by 7.32% ($77.35 billion) to reach $1.134 trillion. On the contrary, the NASDAQ Composite Index fell by 0.74%, with Dow and S&P 500 seeing declines of 1.19% and 1.10%, respectively.
