Bitcoin it loses US$30,000 this Monday, April 17 and drops more than 2% in the last 24 hours. The cryptocurrency leader fails to hold her key support and starts the week off on the wrong foot. However, not everything is bad for the world of cryptocurrencies: Ethereum manages to hold on to 11-month highs above $2,000 and some altcoins stand out with advances of more than 5%, such as Dogecoin. .
For months there was speculation that the Shanghai update could sink the price of the largest ‘altcoin’ on the market. After its completion, it has been possible to verify that Ethereum has much more to give and reached to exceed $2,140 dollars, a maximum of 11 months, once the update is complete. According to Sean Farrell, FundStrat’s director of digital asset strategy, “Market pessimism regarding bet withdrawals was excessive.”
This seems to be endorsed by the data. According to figures from beachoncha.in, there were withdrawals of 1.03 million ETH from 473,700 requests but most are staking their ethereum again. “Much of the stake that has been withdrawn in recent days is going straight back into the Beacon chain as validators look to increase their stakes. So much so that the net participation is currently increasing”, explains Lachlan Feeney, CEO of the consultancy Labrys, to the ‘CoinTelegraph’ medium.
According to this expert, many validators have wanted to take advantage of their bet after more than 30 months of waiting, although they continue to see the potential in ETH staking. “Since Shanghai is a massive risk reduction event, in the medium to long term more ETH will be staked, not less. We anticipate that in the not too distant future we will reach a record of ethereum staked”, Add.
As for Bitcoin, the queen cryptocurrency continues to present a good technical aspect. According to César Nuez, a technical analyst at Bolsamanía, there could be an attack on US$32,000 in the coming weeks, although the price could rest on US$29,000 before continuing its upward climb.
“The key support to watch is at $26,520. We will only see a technical complication with the abandonment of this price level ”, explained the expert.
In the rest of the market, mixed sign. The strong rises in solana (SOL, +4%) and dogecoin (DOGE, +3.9%) are contrasted by falls of 2% in cardano (ADA) and 1% in ripple (XRP).
Dogecoin rebounds thanks to Space X
In the lead up to the launch of Space X, Dogecoin had a sudden jump of up to 5%. As SpaceX’s highly anticipated “Starship” gears up for its grand launch, the excitement surrounding the event is palpable in the Dogecoin community. In the last week, it has achieved gains of more than 13%.