Decentral Block Post

Ethereum’s upcoming Shanghai upgrade will allow users to withdraw staked Ether (ETH), increasing the network’s liquidity and competitiveness while also boosting its staking ratio closer to its competitors.

The Shanghai upgrade is a hard fork of Ethereum tentatively scheduled to occur in March. It implements five Ethereum Improvement Proposals, the headliner being EIP-4895, which allows users to withdraw their locked-up tokens representing staked Ether from the Beacon Chain.

The ability to withdraw staked Ether could increase market liquidity and make it easier for users to access their funds. Ethereum liquid staking platforms, which largely emerged to alleviate the blockchain’s prohibitive lock-up and staking requirements, could also benefit from the upgrade.

Since the Ethereum network moved to proof-of-stake (PoS) in September 2022, increasing the percentage of staked Ether has become important to help secure the protocol. But many have hesitated to stake their ETH due to the unavailability of withdrawals. Consequently, only around 15% of ETH is currently staked, while all other major layer-1 networks have a staking ratio above 40%.

According to The DeFi Investor, many investors will opt for a liquid staking option following the Shanghai upgrade, as they can utilize liquid staking derivatives on other decentralized finance networks without forfeiting their staking yield.

Bitcoin (BTC) struggled to reclaim $20,000 support at the March 10 Wall Street open as fears mounted over Silicon Valley Bank (SVB) contagion.

Trader targets $18,000 BTC price

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it nursed fresh losses, reaching $19,569 on Bitstamp. 

The pair had seen further downside prior to the open as embattled SVB Financial saw another 60% wiped off its stock price.

In a move that mimicked crypto exchange banking partner Silvergate, SVB also began to spark knock-on effects for non-U.S. banks on the day.

For Cointelegraph contributor Michaël van de Poppe, founder and CEO of trading firm Eight, the writing was on the wall.

Dogecoin (DOGE) pared some losses versus Bitcoin (BTC) on March 10, a day after the DOGE/BTC pair fell to its lowest level since October 2022. Can DOGE price see an extended rebound ahead? 

On the daily chart, the DOGE/BTC pair reached 331 sats, up 4.75% compared to the previous day's low of 316 sats. The bounce occurred around a multi-month descending trendline, which has capped the pair's downside moves since November 2022.

DOGE price vs. BTC

Interestingly, the DOGE/BTC descending trendline appears part of a prevailing falling wedge pattern. Traditional chart analysts consider the falling wedge a bullish reversal setup, notably because of the pattern's 62% success rate in meeting its upside price targets. 

In Dogecoin's case, the price is wobbling around its falling wedge's apex point, where its upper and lower trendline converge. DOGE's latest rebound from the lower trendline increases its possibility of testing the upper trendline for a breakout, as illustrated in the chart below.

The upside setup further draws support from the DOGE/BTC's daily relative strength index (RSI) with a reading of around 28. From a technical perspective, an RSI below 30 means the pair is oversold, which could prompt its price to consolidate sideways or rebound.

Dogecoin (DOGE) pared some losses versus Bitcoin (BTC) on March 10, a day after the DOGE/BTC pair fell to its lowest level since October 2022. Can DOGE price see an extended rebound ahead? 

On the daily chart, the DOGE/BTC pair reached 331 sats, up 4.75% compared to the previous day's low of 316 sats. The bounce occurred around a multi-month descending trendline, which has capped the pair's downside moves since November 2022.

DOGE price vs. BTC

Interestingly, the DOGE/BTC descending trendline appears part of a prevailing falling wedge pattern. Traditional chart analysts consider the falling wedge a bullish reversal setup, notably because of the pattern's 62% success rate in meeting its upside price targets. 

In Dogecoin's case, the price is wobbling around its falling wedge's apex point, where its upper and lower trendline converge. DOGE's latest rebound from the lower trendline increases its possibility of testing the upper trendline for a breakout, as illustrated in the chart below.

The upside setup further draws support from the DOGE/BTC's daily relative strength index (RSI) with a reading of around 28. From a technical perspective, an RSI below 30 means the pair is oversold, which could prompt its price to consolidate sideways or rebound.