Ethereum attempts to cope with Bitcoin ahead of Shanghai upgrade

Ethereum’s large wallet investors have been buying ETH tokens consistently for the past week. The total value locked in the Ethereum deposit contract hit a new all-time high ahead of the Shanghai upgrade which is less than a month away. The Ethereum network has seen a resurgence in demand from retail investors with 23.3 million addresses that have at least 0.01 ETH.

Ethereum whales holding between 1,000 and 10,000 ETH have been buying the altcoin consistently for a week. The altcoin’s demand among retail investors has climbed as ETH holders fight consolidation.

On March 27, 2023, Ethereum’s price chart showed that $1,680 represents the top of a symmetrical triangle that dates back to September 2021. This level is therefore key support for the altcoin and bulls need to defend against a drop below this level. While crypto market participants remain indecisive it is key for Ethereum to sustain above its critical support level to defend against further decline in the days leading up to the ETH token unlock event.