Ether (ETH<\/a>) dropped by over 7.5% in its Bitcoin (BTC<\/a>) pair in 2023. But ETH\/BTC may wipe its year-to-date losses entirely in April, as Ethereum\u2019s long-awaited Shanghai\u00a0hard fork<\/a> is just days away.<\/p>\n The upgrade is set for April 12, enabling Ethereum stakers to withdraw around 1.1 billion ETH in rewards \u2014 worth over $2 billion as of April 8.\u00a0<\/p>\n Many experts see the hard fork as bullish<\/a> for Ether in the long term. For instance, the Shanghai buzz has helped Ether outperform Bitcoin in April.<\/p>\n As a result, the ETH\/BTC pair has risen by about 4.75% month-to-date to reach 0.066 BTC as of April 8, a nearly 8% rebound since March 20.\u00a0<\/p>\n The bounce was largely expected<\/a>, particularly as\u00a0ETH\/BTC dropped to its historical ascending trendline support. Now, the upside move raises the prospects of an extended bullish retracement toward its descending trendline resistance, marked as a \u201csell zone\u201d in the chart below. <\/p>\n The fractal-based outlook puts Ether on target for 0.075 BTC by June, up 10% versus current price levels. Meanwhile, the pair\u2019s upside target for April appears to be its\u00a050-3D exponential moving average (50-3D EMA; the red wave) near 0.069 BTC.<\/p>\n Conversely, a decisive close below the 200-3D EMA (the blue wave) near 0.066 BTC, coinciding support\/resistance level near 0.067 BTC, risks delaying or \u2014 in the worst case scenario \u2014 invalidating the bullish retracement setup.<\/p>\n This bearish argument echoes independent market analyst CrediBULL Crypto who expects strong selling pressure near the 0.067 BTC resistance level that would lead to a 50% drop in 2023.\u00a0<\/p>\n The ETH\/USD pair has rallied by more than 50% in 2023, primarily due to similar uptrends elsewhere in the crypto market.<\/p>\n A weakening dollar, lower U.S. Treasury yields and expectations of a Federal Reserve pivot on interest rate hikes<\/a>\u00a0have helped cryptocurrencies rise across the board in Q1. These catalysts will likely remain in the spotlight until May\u2019s Federal Open Market Committee meeting.<\/p>\n Shanghai bringing the first greenshoots of #AltcoinSeason<\/a> ?$ETH<\/a> is perking up to an 8 month high as we approach one week until the Shanghai fork update @ 10:27:35 PM UTC on the 12th (Epoch #620,9536)<\/p>\n The rally has mostly been a Fed\/USD rates story, causing BTC to lead the way.\u2026 pic.twitter.com\/dI0bpywR16<\/a><\/p>\n \u2014 Rich Rosenblum (@Rich_GSR) April 4, 2023<\/a><\/p><\/blockquote>\n As a result, Ether could sustain its yearly gains in April, consolidating inside the $1,800\u20132,000 range until the Fed decision. <\/p>\n Related:\u00a03 key Ethereum price metrics cast doubt on the strength of ETH\u2019s recent rally<\/a><\/em><\/strong><\/p>\n Moreover, a decisive breakout at current levels could result in extended gains with a second-quarter ETH price target of over $3,000<\/a>.<\/p>\n On the other hand, the bears will attempt to pull the price down for a close below $1,800, with the triangle\u2019s lower trendline near $1,600 as its downside target.<\/p>\n This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.\n<\/p>\n<\/div>\nETH price undergoes key technical bounce<\/h2>\n
![](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-04\/d6cff421-b0b8-4111-a38f-170067e3e0b2.png\")
![](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-04\/1e0465b6-64ef-4a87-88df-018b5558d80c.jpeg\")
Ethereum vs. U.S. dollar outlook<\/h2>\n
\n
![](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-04\/5c9b6ac5-5cd9-4f64-8a6f-b367b6ea6d41.png\")