A well-known crypto analyst who successfully predicted Bitcoin’s 2018 bottom is anticipating a significant rally for Ethereum ($ETH).
As The Daily Hodl reported earlier today, the crypto analyst, operating under the pseudonym “Bluntz”, has informed his over 221K Twitter followers that Ethereum seems to be completing its correction and is poised for a significant surge.
According to his technical analysis, the ETH/BTC pair recently reached a six-month low and is just 3% away from his primary buy zone. Although the analyst didn’t foresee this happening in the current market scenario, he is determined not to miss the upcoming ETH rally.
An examination of the analyst’s chart shows the ETH/BTC pair undergoing a downward correction, approaching the critical 0.618 Fibonacci retracement support level. Traders view this level as a potential point for a bounce.
This optimism about Ethereum coincides with data from the crypto analytics platform Santiment, which indicates that large addresses have significantly shifted their held supply. In the past year, addresses holding between 10 and 10,000 ETH have collectively added 3.61 million coins, totaling a staggering $6.13 billion. However, even larger addresses holding between 10,000 and 10,000,000 ETH have offloaded more than double that amount during the same period.
On Wednesday (March 15), Coinbase explained what its users need to know about Ethereum’s upcoming Shapella Upgrade, which allows for withdrawals of staked Ether ($ETH) and is expected to be deployed to the Ethereum mainnet on April 12 (at 10:27 a.m. UTC, with epoch number 620,9536).
There have been concerns that the ability to withdraw funds could lead to an oversupply of $ETH on the market, especially since there’s approximately $29 billion worth of $ETH staked on the Ethereum network. However, according to a recent CoinDesk report, the crypto analysts said that the volume of $ETH outflows would not be as much as many people expect, and investors should not worry about it.
According to Coinbase’s tweetstorm about the Shapella Upgrade (which includes Shanghai and Capella), users can continue staking their $ETH and earning up to 6.0% APY without any action required, as assets will remain safe during the upgrade. About 24 hours after the upgrade is completed, Coinbase will start taking unstaking requests. All requests are processed on-chain, and Coinbase will pass the unstaked funds and staking rewards to users once the Ethereum protocol releases them.
As Coinbase only acts as a conduit for the unstaking process, it cannot provide an exact waiting period for users requesting to unstake. However, the company anticipates high demand for unstaking soon after the upgrade, which may lead to the Ethereum protocol taking weeks to months to process unstaking requests.
Image Credit
Featured Image via Pixabay
