Ethereum (ETH) loses all post-Shanghai upgrade gains

• Ethereum price fell 11.8% last week.
• Over $2,100 after the Shanghai upgrade.
• At the time of writing, it was trading at $1,855, almost $300 below its post-Shanghai high.

The cryptocurrency market has been very fragile in recent days, mainly due to the growing threat of an economic recession. We also see sustained high inflation and stock market volatility.

Top cryptocurrencies have been hit hard within the crypto space, with Ethereum falling below pre-Shanghai price levels and Bitcoin falling below $28,000. Global cryptocurrency market capitalization has also been on a downward trend since surpassing $1.25 billion on Thursday, April 13.

Key Ethereum Price Levels to Watch

The sudden drop in price has left ETH investors/traders wondering what the future holds for Ethereum’s price, especially since the Chapela upgrade was seen as a game-changer to the cryptocurrency, which is the second largest by market cap. Most people are now wondering if they will ever recover from this setback.

Ethereum price has already fallen above the initial support level of $1,896. However, at his current price of $1,855, it is still too early to tell if the bearish breakout is real or fake.

If today’s candlestick breaks below yesterday’s low of $1,913.60, it will likely fall further towards the next key support level of $1,846. This is a scenario where the cryptocurrency will remain bearish until the end of the week.

If the price closes above $1,900 today, it could bounce back towards the $1,930 price range tomorrow.

Looking forward from a medium-term perspective, Ethereum’s price has retreated to the middle of the broad trading range as sellers dominate as the price continues below the $2,000 level. This likely indicates that the cryptocurrency faces continued pressure, meaning it will struggle to regain its previous bullish momentum.