ETH Bulls Eye $1,650 on Justin Sun’s Bullish Stake on Shanghai Upgrade

On Saturday, Ethereum (ETH) decreased by 0.81%. Friday saw ETH lose 2.60% and finish the day at $1,595. For the third time in ten hours, ETH fell below $1,600 during the negative session.

After a divided morning, ETH reached a peak of $1,609 early on. ETH declined to a late low of $1,558 after failing to pass through the First Significant Resistance Line (R1) at $1,657. Before finishing the day at $1,595, ETH momentarily breached the First Significant Support Line (S1) at $1,567.

Bitcoin (BTC) decreased by 0.09% on Saturday. Bitcoin finished the day at $23,178, down from Friday's closing price of $3,133%. Bitcoin fell below $23,000 for the second time in ten hours during the negative session. BTC's loss run now stands at five periods, which is the second of the year.

Bitcoin reached a morning peak of $23,223 despite the day's uneven start. Bitcoin fell to a late low of $22,810 after failing to pass the First Significant Resistance Level (R1), which is located at $23,942.

 However, Bitcoin found late support to finish the day at $23,178, avoiding the First Significant Support Line (S1) at $22,665.

The Fed and the G20 Take Priority Over Shanghai's Improvement

The Ethereum community is very active right now because the Shanghai update is scheduled for February 28. Although there is disagreement in the market regarding how the Shanghai update will affect ETH, Justin Sun, the creator of Tron (TRX), has taken an optimistic stance and staked 150,100 ETH on Lido (LDO).

According to Cryptoquant data, ETH pledging payments increased significantly on Saturday. The graph below displays the 150,100 ETH influx that was a component of the February 25 198,560 ETH staking outflows.