Justin Sun Is Bullish For Ethereum’s Latest Upgrade, Predicts Asset’s Jump To $1,650

The Saturday trading session did not bring anything but slight grief for the Ethereum (ETH) investors because of a minor dip.

The investors were not glad as they had to digest the 0.81% decline in the trading price of Ethereum on Saturday.

This wasn’t the only demise recorded by ETH in the recent sessions. A day earlier (on Friday), the trading price of ETH had recorded a 2.60% dip, adding more damage to the asset’s trend.

Following the recent decline, the trading price of ETH has fallen to a low of $1,595. From the looks of it, ETH is experiencing a downtrend and it may continue hovering in the same territory.

It was for the third time in a row that the trading session for ETH ended its trading day below the $1,600 mark.

Recent Price Movement of ETH

The data shows that in the recent trading session, ETH saw itself experiencing an uptrend. The value of the asset moved higher and it managed to surge to a high of $1,609.

As the day passed by, the trading price of ETH kept on surging and it managed to come close to the major resistance mark at $1657.

This was not good for the bulls as what waited for them next was a bearish run. As a result, the trading price of the asset started to move in a downward direction.

Following the high jump, the trading price of ETH ended up getting pulled to a low of $1,558. This is where the asset had fallen when the bears triggered their strong selling spree.

Surprisingly, this wasn’t the lowest level ETH had hit before settling at $1,595. The trading price of the asset had plummeted to $1,567.

It was the major support level for the asset and it meant that the bulls would protect it with all their might.

From the strong support level, the bulls kept on pushing harder and they were able to push ETH to $1,595 but it was still below the $1,600 level.

Performance of the Largest Crypto

The performance of Bitcoin (BTC) was somewhat better compared to the performance of ETH in the recent session.

On Saturday, the trading price of Bitcoin recorded a 0.09% slip. However, the Friday trading session witnessed a 3.13% decline in the trading price of the asset.

With the trading price of BTC recording a slight pull, it was the $23,178 mark where the asset ended its day. In the past ten sessions, the trading price of BTC has fallen below the $23,000 mark.

Despite being a bearish demonstration, it generally favors the bulls because the occurrence of the bearish trend is just 20%.

Although the asset has remained over the $23,000 mark for a while, the investors want to see a higher movement. They are eager to see BTC getting pushed over $25,000 in near future.

This is the reason why they have been trying their best to support the trend and are pouring in more investments to push its price higher.

This is the second time in the running year that Bitcoin has witnessed five consecutive sessions where its price has continued declining.

Shanghai Upgrade is Creating Excitement

While things are mainly bearish for the entire crypto industry, Ethereum is about to get a major pump. This is mainly because of the strong support the asset is expecting to gain from the Shanghai Upgrade.

It is on the last day of the running month when the upgrade is scheduled to take place. The upgrade will bring in more utility and efficiency for the Ethereum blockchain.

Most importantly, it will provide more support to the PoS protocol of Ethereum, increasing its demand in the market.

This would eventually serve as a major factor that will push the trading price of ETH higher over the $1,650 level.

Justin Sun, the founder of Tron is also backing up the bullish sentiments for ETH, predicting its price to surge to the mentioned level.