- ETH price climbed to highs of $2,009 on Binance.
- Ethereum’s Shanghai/Shapella upgrade went live successfully on Wednesday, April 12, 2023.
- Crypto analyst Rekt Capital says Ether’s price movement is a leading indicator for altcoins and that the coming weeks could be interesting.
Ethereum price rallied past the $2,000 mark on Thursday, reaching a high of $2,009 on the Binance exchange.
The rise above this important level followed the successful deployment of a software upgrade to the world’s largest proof-of-stake blockchain network.
After the Shanghai/Shapella upgrade went live and withdrawals of staked ETH were enabled, bulls pushed prices through a supply zone that had resisted rallies since August 2022, defying earlier negative projections.
ETH tops $2,000 as analyst says altcoins could see momentum in coming weeks
Crypto analyst Rekt Capital has described Ethereum as a leading indicator for smaller altcoins. He suggests that ETH’s breakout could spark fresh momentum among major altcoins and possibly mark the start of a broader altcoin season.
“ETH is a leading indicator for smaller altcoins. This is why the ETH breakout may very well set the stage for an interesting period for other altcoins in the coming weeks,” the trader and analyst commented.
Rekt Capital has also indicated that the Bitcoin bull market may be in its early stages, and he believes Ethereum’s current price action presents a favorable entry point for many altcoins.
“ETH at $2,000. That’s one reason why it might be worth entering altcoins early on in this BTC bull market,” he added.
At the time of writing, Ether is trading around $1,998, up approximately 4.8% over the past 24 hours.