Ethereum Hovers Around $1.9k, Bitcoin And Dogecoin Slide: Analyst Sees 2nd Largest Crypto's First Major Breakout Since November 2021

Major coins traded in the red on Wednesday evening, as investors weighed the conflicting signals from a rapidly contracting global economy.

Cryptocurrency	Gains (+/-)	Price (Recorded 9:30 p.m. EST)
Bitcoin BTC/USD	-2.43%	$27,903
Ethereum ETH/USD	-1.29%	$1,888
Dogecoin DOGE/USD	-5.85%	$0.090

What Happened: Ethereum ETH/USD dropped briefly on Wednesday but continued its impressive run of outcompeting Bitcoin BTC/USD this week. The second-largest cryptocurrency is currently hovering just a few dollars below the $1,900 milestone it achieved.

See More: Best Crypto Day Trading Strategies

Investors have shown increasing interest in Ethereum’s upcoming Shanghai hard fork, slated for April 12. The upgrade, also dubbed Shapella, will complete the move to a proof-of-stake (PoS) network, allowing staked ETH to be withdrawn.

At the time of writing, the global crypto market capitalization stood at $1.18 trillion, a decrease of 1.68% over the last day.  

U.S. stocks plunged as investors digested the latest ADP private payrolls report, which showed slowing job growth in March. This followed Tuesday’s job openings report that hinted at the Federal Reserve‘s success in cooling an overheated labor market. The tech-heavy Nasdaq Composite sank 1.07%, while the broad-based S&P 500 dropped 0.25%. 

News Highlights: MicroStrategy Inc MSTR announced on Wednesday that it has purchased an additional 1,045 Bitcoins for a total purchase price of approximately $29.3 million. The acquisition was made between March 24 and April 4, at an average price of $28,016 per coin. 

Analyst Notes: Crypto trader Altcoin Sherpa recently shared a strategic session with his 194,400 Twitter followers, announcing that the price of Ethereum is now trading above its one-day Exponential Moving Averages, or EMAs. 

"Like Bitcoin, Ethereum finally has had a first bullish flip of all the one-day EMAs. That's something we haven't seen for many months. We haven't really truly seen that since November 2021. We see on higher timeframes ETH, finally EMAs all look really solid. They've all tightened up and consolidated and we are now in a bullish trend in that regard."

Kaleo, the pseudonymous analyst, shared a cheat code. The analyst advised to keep an eye on the ETH chart, as it is currently printing new yearly highs and has broken above that diagonal resistance it has been held back by for the past three months. "Bitcoin is about to do the same exact thing."

I'm going to give you guys a little cheat code.

Do you see this ETH chart?

Do you notice how it's printing new yearly highs and breaking above the upper diagonal resistance that's been holding it back the past three months?

Bitcoin is about to do the same exact thing. pic.twitter.com/rC7mQBhNNV

— K A L E O (@CryptoKaleo) April 5, 2023

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