{"id":294283,"date":"2023-03-01T16:00:02","date_gmt":"2023-03-01T10:30:02","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=294283"},"modified":"2023-03-01T12:08:49","modified_gmt":"2023-03-01T06:38:49","slug":"heres-why-eths-underperformance-is-not-linked-to-shanghai","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/heres-why-eths-underperformance-is-not-linked-to-shanghai\/","title":{"rendered":"Here&#8217;s why ETH&#8217;s underperformance is not linked to Shanghai"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\"><i><span style=\"font-weight: 400;\">Analysts argued that the altcoin&#8217;s recent letdown could either be linked to the nearing Shanghai upgrade or not<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\"><i><span style=\"font-weight: 400;\">ETH may not rally in the short term as traders are torn between longs and shorts<\/span><\/i><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">According to Hal Press, <\/span><span style=\"font-weight: 400;\">Ethereum\u2019s [ETH]<\/span><span style=\"font-weight: 400;\"> underwhelming performance in recent times could be a result of some faults in the nearing Shanghai Upgrade. Compared to other top altcoins with a lower market cap, ETH has not been equal to the trend.<\/span><\/p>\n<p>https:\/\/twitter.com\/NorthRockLP\/status\/1630589249589514241<\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">How much are <\/span><span style=\"font-weight: 400;\">1,10,100 ETHs worth today<\/span><span style=\"font-weight: 400;\">?<\/span><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">The founder and lead educator at North Rock Digital opined that the upgrade \u201coverhang\u201d was not sustainable despite admitting the exceptional work put in by the blockchain developers. This opinion came after Ethereum developers confirmed <\/span><span style=\"font-weight: 400;\">success with the <\/span><a href=\"http:\/\/ambcrypto.com\/ethereum-sepolia-testnet-successful-but-vitalik-admits\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Sepolia Testnet<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h3><b>&#8220;The blame is not on the upgrade&#8221;<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">On the contrary, BlockTower Capital founder Ari Paul did not align with Press\u2019 judgment. In defense of his opposition, Paul mentioned that ETH has never capitulated and the cryptocurrency\u2019s underperformance was expected.<\/span><\/p>\n<p>https:\/\/twitter.com\/AriDavidPaul\/status\/1630658830110433307<\/p>\n<p><span style=\"font-weight: 400;\">He also linked the performance to the Ethereum market cap, noting that altcoins with smaller market capitalization tended to grow faster in value. Paul advanced in his position, saying,\u00a0<\/span><\/p>\n<blockquote><p>\u201cHard for large caps to meaningfully pump.\u00a0 But some $100m or $1b or even $5b market cap coin?\u00a0 That can easily double just from minor rotational flows within crypto (and can fall 80% just as easily.)\u201d<\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">Press\u2019 response showed that he was not in complete disagreement with Paul. However, he noted that <\/span><span style=\"font-weight: 400;\">Bitcoin [BTC]<\/span><span style=\"font-weight: 400;\">, despite a larger market cap, had also outperformed ETH. <\/span><span style=\"font-weight: 400;\">Regardless of doubts in some corners, the Ethereum blockchain still topped others in terms of Total Value Locked (TVL). THE TVL evaluates the health status of a project and the unique deposits it has gained into its underlying protocols.<\/span><\/p>\n<figure id=\"attachment_294286\" aria-describedby=\"caption-attachment-294286\" style=\"width: 1635px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Screenshot-2023-03-01-at-05.53.02.png\"><img decoding=\"async\" class=\"wp-image-294286 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Screenshot-2023-03-01-at-05.53.02.png\" alt=\"Ethereum DeFi TVL\" width=\"1635\" height=\"292\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Screenshot-2023-03-01-at-05.53.02.png 1635w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Screenshot-2023-03-01-at-05.53.02-300x54.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Screenshot-2023-03-01-at-05.53.02-1024x183.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Screenshot-2023-03-01-at-05.53.02-768x137.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Screenshot-2023-03-01-at-05.53.02-1536x274.png 1536w\" sizes=\"(max-width: 1635px) 100vw, 1635px\" \/><\/a><figcaption id=\"caption-attachment-294286\" class=\"wp-caption-text\">Source: DeFi Llama<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">At the time of writing, <\/span><a href=\"https:\/\/defillama.com\/chains\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Ethereum&#8217;s TVL <\/span><\/a><span style=\"font-weight: 400;\">was $29.4 billion based on DeFi Llama data. This was far above the worth of second-placed <\/span><span style=\"font-weight: 400;\">Tron [TRX]<\/span><span style=\"font-weight: 400;\">. But the performance of the second-largest blockchain concerning the TVL looked static in the last 30 days.<\/span><\/p>\n<h3><b>ETH Traders in close long and shorts<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">While ETH exchanged hands at $1,654 \u2014 a tiny uptick in the last 24 hours, traders mostly preferred to long the cryptocurrency. <\/span><span style=\"font-weight: 400;\">According to <\/span><a href=\"https:\/\/www.coinglass.com\/LongShortRatio\"><span style=\"font-weight: 400;\">Coinglass<\/span><\/a><span style=\"font-weight: 400;\">, the long vs. short ratio was 1.21 at press time. An in-depth analysis of the data revealed that 54.68% of traders opened long positions while 45.32% went short.<\/span><\/p>\n<figure id=\"attachment_294289\" aria-describedby=\"caption-attachment-294289\" style=\"width: 1345px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Screenshot-2023-03-01-at-06.04.46.png\"><img decoding=\"async\" class=\"size-full wp-image-294289\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Screenshot-2023-03-01-at-06.04.46.png\" alt=\"ETH long and short positions\" width=\"1345\" height=\"355\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Screenshot-2023-03-01-at-06.04.46.png 1345w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Screenshot-2023-03-01-at-06.04.46-300x79.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Screenshot-2023-03-01-at-06.04.46-1024x270.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Screenshot-2023-03-01-at-06.04.46-768x203.png 768w\" sizes=\"(max-width: 1345px) 100vw, 1345px\" \/><\/a><figcaption id=\"caption-attachment-294289\" class=\"wp-caption-text\">Source: Coinglass<\/figcaption><\/figure>\n<p>But can ETH sustain an uptrend in the short term? Well, the daily chart showed that accumulation around ETH has been on the low side. This was the interpretation of the Chaikin Money Flow (CMF) 0.02 value.<\/p>\n<p><span style=\"font-weight: 400;\">However, it might be difficult for the altcoin to begin a notable rally soon based on the signals by the Directional Movement Index (DMI). As of this writing, the -DMI (red) and +DMI (green) were 18.44 and 20.30 respectively.\u00a0<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Is your portfolio green? Check out the <\/span><a href=\"http:\/\/ambcrypto.com\/calculator\/ethereum-profit-calculator\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Ethereum Profit Calculator<\/span><\/a><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">The Average Directional Index (ADX), which would have created a strong or weak movement, was also not close to 25. At press time, the ADX (yellow) was 15.99.<\/span><\/p>\n<figure id=\"attachment_294284\" aria-describedby=\"caption-attachment-294284\" style=\"width: 1834px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/ETHUSD_2023-03-01_06-16-55.png\"><img decoding=\"async\" class=\"wp-image-294284 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/ETHUSD_2023-03-01_06-16-55.png\" alt=\"Ethereum Price Action\" width=\"1834\" height=\"907\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/ETHUSD_2023-03-01_06-16-55.png 1834w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/ETHUSD_2023-03-01_06-16-55-300x148.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/ETHUSD_2023-03-01_06-16-55-1024x506.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/ETHUSD_2023-03-01_06-16-55-768x380.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/ETHUSD_2023-03-01_06-16-55-1536x760.png 1536w\" sizes=\"(max-width: 1834px) 100vw, 1834px\" \/><\/a><figcaption id=\"caption-attachment-294284\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">The Ethereum Shanghai upgrade could happen anytime soon. However, the event could yield a positive or negative reaction from ETH, since historical development strides on the blockchain resulted in either.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Analysts argued that the altcoin&#8217;s recent letdown could either be linked to the nearing Shanghai upgrade or not ETH may not rally in the short term as traders are torn between longs and shorts According to Hal Press, Ethereum\u2019s [ETH] underwhelming performance in recent times could be a result of some faults in the nearing<a href=\"https:\/\/ambcrypto.com\/heres-why-eths-underperformance-is-not-linked-to-shanghai\/\">Continue reading <span class=\"sr-only\">&#8220;Here&#8217;s why ETH&#8217;s underperformance is not linked to Shanghai&#8221;<\/span><\/a><\/p>\n","protected":false},"author":72,"featured_media":294292,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,32,66,3,4,20],"tags":[],"class_list":["post-294283","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-ethereum-news","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.3) - 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