From the start of 2023 until now, the price of Ethereum (ETH) has tried keeping up with the price of Bitcoin (BTC). Although the token has tried hard but still, its YTD gains have been 7.5% lower than BTC.
ETH May Surpass BTC
The market observers are hoping that ETH may be able to clear out the difference, and April would be the month when the token does that.
The speculations have been made in anticipation of the Shanghai hard fork implementation that is to take place in a few days.
The hard fork had been awaited for months, but after several delays, the Ethereum development teams have confirmed there would no longer be any delays.
With the implementation soon to take place, the entire ETH community is hopeful that the asset price will see tremendous gains.
Implementation Date for the Upgrade
The implementation date that the development teams have set for the Shanghai upgrade is April 12.
Following the upgrade, the stakers will gain the option of withdrawing the rewards from their staked tokens. The rewards to be withdrawn comprise of 1.1 million ETH tokens, translating to more than $2 billion.
The Analysts are Bullish
The analysts are bullish about the implementation of the hard work and they are hoping to see ETH take a huge leap. They are hoping to see ETH take the lead against the largest crypto in terms of YTD performance.
Although the hard fork is yet to take place, the value of the ETH/BTC has already witnessed a 4.75% surge in the ongoing month. So far, the value of ETH has risen to 0.066 BTC and the number is expected to rise throughout April.
The ascending trendline of ETH is constantly moving higher against BTC, which holds a lot of significance. It clearly suggests that the token will continue witnessing a rise against BTC if the bullish sentiments remain intact.
Given the current performance of ETH, the analysts expect that its value against the USDT would rise to and beyond $3,000, following the upgrade’s implementation.
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