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Ethereum price (ETH) earned a significant price gain on March 18 when it broke beyond the $1,800 level. However, recent market data shows that a significant chunk of ETH was transferred to the Binance exchange at 1:30 AM ET, casting doubts on a possible sale happening. The transfer resulted in the largest altcoin by market cap losing part of its market value.

Ethereum price (ETH) slumped after 18,657 ETH tokens (approximately $33,130,424 at current rates) were transferred in a single transaction. The transaction was traced back to an unknown but affluent wallet, costing him a mere $1 transaction fee on the Ethereum blockchain. In most instances, when such a huge chunk of tokens is transferred to an exchange, it usually points to a prospective sell activity that eventually drives down the asset's price.

Related: Assessing chances of Ethereum price rally to $2,400

As a result of the activity, Ethereum price has taken a breather, easing back 2.53% from the $1,807 reported earlier and auctioning for $1,761 at press time. This comes as market FUD continues to linger in the industry. According to projections by prominent crypto analyst Akash Girimath, however, the current bullish narrative for ETH would only be invalidated once the price crosses below the $1,636 level.

A move below the aforementioned invalidation level could send Ethereum price down to lose the support offered by the 50, 200, and 100-day Exponential Moving Averages (EMAs) at $1,588, $1,553, and $1,529, respectively.

In extreme cases, the Ethereum price could drop to the $1,500 psychological level before buyers can attempt a recovery. Such a move would constitute a 15% downswing for the PoS token from current levels.

ETH/USDT 1-day chart

Meanwhile, Ethereum price still has some ground to cover before tagging the $2,000 psychological resistance level. The move would be feasible if the cryptocurrency sustains the current momentum, which, in turn, depends on the macroeconomic environment. Notably, the recent collapses in the banking sector fueled more liquidity into the crypto market, causing the Ethereum network to record a positive net flow of $35.8 million.

Ethereum price could resume its uptrend if Bitcoin remains bullish above $27,000 and ETH bulls hold forte by increasing their buying pressure. Moreover, the Ethereumnetwork recently confirmed the official launch date for theShanghai update, which will happen in three weeks.

These factors could be enablers to Ethereum price soaring in value near term.

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Whale moves $33 million worth of Ethereum to Binance in one go: What this means for ETH - FXStreet

Ethereum price is rising and trading above $1,700 against the US Dollar. ETH could gain bullish momentum if it clears the $1,720 resistance zone.

Ethereum price started a downside correction below the $1,700 support zone. ETH traded below the $1,650 level before the bulls appeared near $1,620, similar to bitcoin.

The price traded as low as $1,616 and recently started a fresh increase. There was a clear move above the $1,650 and $1,665 resistance levels. The price cleared the 50% Fib retracement level of the downward move from the $1,784 swing high to $1,616 low.

Ether price is now trading above $1,650 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $1,675 on the hourly chart of ETH/USD.

On the upside, the price is facing resistance near the $1,720 zone. It is near the 61.8% Fib retracement level of the downward move from the $1,784 swing high to $1,616 low. The next major resistance is near the $1,745 zone. A close above the $1,745 resistance zone might start another major increase.

Source: ETHUSD on TradingView.com

In this case, the price may perhaps rise towards the $1,800 resistance level. Any more gains might send the price towards $1,880.

If ethereum fails to clear the $1,720 resistance, it could correct gains. An initial support on the downside is near the $1,680 level and the trend line zone.

The next major support is near the $1,640 zone and the 100 hourly SMA. If there is a break below $1,640, the price might drop towards $1,615. Any more losses might call for a test of the $1,550 level.

Technical Indicators

Hourly MACD The MACD for ETH/USD is now gaining momentum in the bullish zone.

Hourly RSI The RSI for ETH/USD is now above the 50 level.

Major Support Level $1,640

Major Resistance Level $1,720

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Ethereum Price Seems Ready For Another Leg Higher Over $1,750 - NewsBTC

The Shanghai upgrade, more accurately called "Shapella," marks the completion of Ethereums full transition to a proof-of-stake (PoS) network, and will enable staked ETH withdrawals.

Once the date is voted on by developers and confirmed via GitHub, slot 6209536, occurring on or around April 12, will be set in stone for the Shanghai upgrade. This means that Shanghai will be slightly delayed from the developers initial target for this month.

When Ethereum switched to a PoS consensus mechanism in September in an event known as the Merge, the network began using validators instead of miners. Validators had to stake 32 ETH in order to approve or add blocks to the blockchain.

Before validators joined Ethereums PoS blockchain, they were made aware that their staked ETH and any rewards would remain locked up until Shanghai. Some validators have had their funds locked up since December 2020, when Ethereums PoS Beacon Chain went live.

Now, those validators will be able to decide after April 12 what they want to do with their stake.

Since the Merge, Ethereum developers have run numerous tests in order to ensure that staked ETH withdrawals would function properly. All three tests on Ethereums testnets ran smoothly, though the last testnet hard fork on Goerli experienced low participation rates because validator nodes didn't upgrade in time.

While staked ETH withdrawals were able to be processed on the testnet, blocks weren't completed until about 90 minutes after the fork went live.

Ben Edgington, product lead of Teku, an Ethereum client, told CoinDesk that despite the reduced participation, we could see that all client types were producing valid blocks, and that participation increased over time. This reassured us that nothing was fundamentally wrong, just late upgraders.

Edgington added that losing finality for 90 minutes is inconvenient, but not critical for most applications or users of Ethereum.

Ethereum developers aren't worried that this will happen on the mainnet too. It's quite typical for testnet upgrades to be a little bumpy, but people are very diligent about maintaining their mainnet staking infrastructure, Edgington said.

UPDATE: March 16, 2023, 14:29 UTC: Adds target epoch number.

CORRECTION: March 16, 2023, 19:04 UTC: Shanghai's target is slot 6209536, not epoch 6209536.

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Ethereums Shanghai Hard Fork Now Has Official Target Date - CoinDesk

The crypto winter has crushed valuations for tokens and companies that operate trading exchanges. Ethereum's (ETH -2.12%) price has fallen roughly 65% from it's record high set in November 2021. Meanwhile, leading exchange-services provider Coinbase Global(COIN 10.62%) has seen its valuation plummet 81% from its peak.

Would investors be better off putting their money behind the leading Layer-1 blockchain services provider's ether token or buying Coinbase stock based on today's pricing levels? Read on to see why two Motley Fool contributors have differing takes on which looks like the better investment right now.

Image source: Getty Images.

Keith Noonan: Launched in 2015, Ethereum has proved its staying power and has established itself as the clear leader in Layer-1 blockchain services. The company's network has become the go-to destination for those looking to build, deploy, and scale blockchain-based applications, and this foundation provides a key fundamental support for the value of the Ether token.

If Ethereum continues to attract new projects and facilitate their growth, that should create demand for the ether token and be a price catalyst.

While Coinbase might appear to have lower risk based on the fact that its core business is providing trading and holding services for the broader crypto ecosystem, I actually see this as a source of greater risk.

Coinbase's platform allows users to easily buy and sell an incredibly wide range of cryptocurrencies, but I think that most of these coins will probably trend toward zero on the valuation scale, and it seems almost inevitable that even some relatively high-profile projects will eventually blow up in big scandals.

Coinbase has already had some scandals of its own -- including security breaches, insider trading, and allegations of insufficient safeguards against money laundering.

The crypto industry is still very much in its infancy, and the low barriers to launching and promoting a token mean that investors should take a highly selective approach to their investments in this sector.

I view the vast majority of crypto projects to be of very low quality, so the prospect of investing in a business whose core services revolve around crypto trading and wallet services does not seem appealing. By comparison, Ethereum has already proved itself to be a much higher-quality project.

In general, I think that investors should only focus on crypto projects and related companies with proven track records. Ethereum fits the bill, has proved to be relatively scandal free, and can stand through the rise and fall of other projects and businesses in the crypto industry.

Parkev Tatevosian: Coinbase stock has been hammered in recent quarters due to the decrease in popularity of cryptocurrencies as an asset class. In the early stages of the pandemic, the total market capitalization of all cryptocurrencies reached $3 trillion. That figure has dropped to about $1 trillion.

Coinbase, a platform that lets users buy, hold, and sell digital currencies, attracted millions of new customers during the crypto frenzy. Admittedly, many of those folks will leave if the popularity and prices of crypto assets don't recover. Still, Coinbase stock can be lucrative for investors as long as it can retain a meaningful portion of those early customers.

The explosive growth peaked in 2021, when Coinbase's revenue reached $7.8 billion and operating income hit $3 billion. That showed investors the magnitude of profits it could generate at scale. It will need to lower expenses to match a smaller scale if the industry doesn't rebound to pandemic highs.

COIN P/S ratio data by YCharts. P/S = price to sales.

There is a risk that Coinbase might not be profitable on a smaller scale. However, the stock is trading at a price-to-sales ratio of 4.5, which is significantly below the ratio of more than 18 at its peak. The stock might come with high risk, but it also has plenty of upside for investors with a high risk tolerance.

For investors seeking broad-based exposure to the crypto space, investing in both Ethereum and Coinbase could be the right move. Otherwise, it makes sense to focus on their differing characteristics, strengths, and weaknesses and then determine which potential investment vehicle is better aligned with the direction you see the crypto space heading in.

If you're looking to take a narrower approach to investing in crypto and think that Ethereum will continue to be a top provider of network services, then it's probably the better buy. On the other hand, if you're positioning for an overall rebound in crypto valuations and are seeking investment vehicles that have a diversified exposure to the broader market, Coinbase stock is likely the better fit for your investment priorities.

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Better Buy: Coinbase vs. Ethereum - The Motley Fool

Ethereum Classic (ETC) just concluded a bullish week but its price action is not the only aspect that achieved a pivot. Its total value locked also registered some upside after previously experiencing outflows.

Is your portfolio green? Check out the Ethereum Classic Profit Calculator

ETC had a $363.982 TVL, at the time of writing, which represented a significant improvement and pivot from its $279,884 low in February.

But despite this noteworthy improvement, Ethereum Classics TVL was immensely dwarfed by Ethreums impressive $28.93 billion TVL. ETCs anemic TVL is a rough indicator of just how far behind the network is in the DeFi race.

A major reason for Ethereum Classics TVL shortfall is that it has not been very successful in attracting DeFi projects to run on its network.

Nevertheless, there is one particular protocol running on the Ethereum Classic network that seeks to change that. The HebeSwap decentralized exchange currently accounts for most of Ethereum Classics TVL.

The amount of TVL that HebeSwap contributed to Ethereum Classic peaked at $236,928 after surging by 42.87% in the last 7 days.

It had the highest gains out of the DeFi projects currently running on the Ethereum Classic network.

The DEX recently expressed its commitment to improving ETCs ecosystem through the latest addition, a farm APY pool.

ETC bounced back by as much as 25% from its weekly low to its weekly high. Its 40% gain from its current monthly low is even more impressive. It traded at $21.12 at press time.

Can ETC sustain the rally for the next few days? Its latest upside has so far pushed above the 50% RSI level which means relative strength is now leaning in favor of the bulls. Multiple on-chain metrics also support this observation.

How many are 1,10,100 ETCs worth today?

The weighted sentiment metrics remained high after the rally it secured in the last 7 days. In other words, investors are still optimistic about ETCs bullish prospects.

Investors should also note that the price volatility metric ended last week with a pivot. It remains to be seen whether this volatility surge will carry the momentum forward for the next few days.

More good news from the NFT side of things. Ethereum Classics total NFT trades volume registered a surge in the last few days. A confirmation that the demand for NFTs on the network was also enjoying improved health.

Although these are favorable observations, Ethereum Classics development activity demonstrated signs of weakness during the weekend.

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Ethereum Classics TVL recovers and heres the key driving factor - AMBCrypto News