Ethereum Mainnet Tenth Shadow Fork Goes Live, ETH Price hits $1666 Today

Ethereum Mainnet Tenth ‘Shadow Fork’ Goes Live 

Ethereum is moving step by step closer to the much-awaited PoS Merger scheduled in September this year. In a recent update. While a final testnet merge, Goerli, before the Ethereum Mainnet merge may happen during the first fortnight of August 2022.

The ETH platform is undergoing a series of tests or forks ahead of the merge by copying the data from the mainnet and running a test on a testnet. This fork carries huge importance as the outcome may be used in the upcoming Goerli merge.  

ETH’s tenth Shadow Fork goes live, 26 hours earlier than expected without any significant glitches. A huge surge in the hash rate or the computational power has been witnessed that sped up the process. 

Ethereum Price Analysis Today 

The ETH price reacted positively as the shadow fork went live. The asset broke above the crucial resistance just below $1600, where it faced constant rejections previously. However, with the announcement, ETH’s price gained huge bullish momentum and surged more than 23% in the past couple of days.

On the other hand, the hash rate is also on a constant rise for the past couple of days, amid the shadow fork that signifies the intensified activity in recent times. Therefore, the volatility is expected to be on the rise while the price may oscillate with wide margins, regardless of the direction until the day’s close.

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Ethereum Price Reached Above $1650 after the Announcement of the Shadow Fork

ETH Price Technical Analysis for Today 

Source: Tradingview

• ETH price previously had slumped hard after consolidating between $1470 and $1620 for quite a long time. 
• However, after a strong rebound from the lows around $1357, the asset rallied by more than 23% to mark the highs at $1677
• The asset rebounded from the lower bands of the Bollinger bands and hit the upper bands and faced a minor pullback
• The price yet again faced rejection after it marked the monthly highs, but the trend is very close to the upper resistance band and hence the upswing is expected to continue throughout the day

Check out latest Ethereum INR Price , Chart, and Data.

Ethereum Price Technical Analysis at a Glance 

• Ethereum price is extremely bullish in the short term as well as in the long term, as most of the indicators are pointing towards a buy signal
• The RSI is at 77.02, in an overbought region and hence the possibilities of a minor pullback may be expected
• While MACD is bullish that displays an accumulated buying volume that may nullify the bearish impact if mounted
• On the other hand, the ADX, the strength of the rally is extremely strong but the asset is highly volatile and hence a sudden price action may be in-line
• However, the bulls dominate the rally as the Bull-Bear power points out the strength accumulated by the bulls 

Ethereum Price Prediction for Today

Ethereum price broke through the descending consolidation and rose magnificently, slicing through the crucial resistance just below $1600.However, the bulls in the past couple of hours appear to have been relaxing a bit after uplifting the price by more than 20%. 

Therefore, after a significant accumulation, the price is expected to break through the important resistance at $1680 and mark the monthly highs above $1700 before the day’s close.

Additional Read: Ethereum Price Prediction