Ethereum’s Ether token has seen a dip of over 7.5% in its Bitcoin pair since the start of 2023. However, the upcoming Shanghai hard fork on April 12 may help the ETH/BTC pair to wipe out its year-to-date losses entirely.
The upgrade is expected to allow Ethereum stakers to withdraw over $2 billion in rewards, boosting Ethereum’s long-term bullish prospects. The hard fork has already helped Ether outperform Bitcoin in April, with a nearly 8% rebound since March 20.
Experts predict that the ETH/BTC pair is on track to reach its ascending trendline resistance and could hit 0.075 BTC by June. The pair’s upside target for April is at 0.069 BTC.
However, if the pair drops below 0.066 BTC, it risks delaying or invalidating the bullish retracement setup. Meanwhile, Ethereum has rallied by more than 50% in 2023 due to an overall uptrend in the crypto market, driven by a weakening dollar and expectations of a Federal Reserve pivot on interest rate hikes.
Ether’s yearly gains could continue in April and sustain within the $1,800-2,000 range until the Fed decision. A decisive breakout could result in extended gains, with a Q2 ETH price target of over $3,000.
