Crypto bliss: Bitcoin near $31,000 and Ethereum surpasses $2,100

"Many traders had been waiting for the end of the upgrade to start long position accumulation. Therefore, neutral news about U.S. inflation plus deferred demand pushed ETH price up," noted Ilya Volkov, CEO and co-founder of cryptocurrency trading service provider YouHodler.

For his part, Jake Boyle, director of the crypto broker, is very optimistic. "A lot of progress has been made, and a lot is going to be made. This paints a wildly optimistic picture going forward," he stated.

Fears of a massive sell-off after the Shanghai completion seem to have completely disappeared. According to Boyle, this is because the profile of investors in the Ethereum ecosystem "tend to be larger scale," so they are more long-term focused. "They appear to be more institutional-grade, and I don’t think that kind of investor would be quick to sell at this moment in time," he stressesd.

There also seems to be some consensus among analysts that, after the resilience shown by digital assets amid the recent banking crisis, only a severe worsening of macroeconomic conditions could sink the price of cryptos. In fact, there are already those who are recommending investing in Bitcoin as a safe haven in the face of growing geopolitical tension between China and the United States.

"Basically, ETH price stays in the same upward trend channel from the beginning of the year. If the macroeconomic situation does not worsen, the current trend is unlikely to change in the near future, despite the fact that selling pressure is going to increase in the coming weeks due to the unlocking of liquidity," Volkov added.

For his part, Naeem Aslam, chief investment officer at Zaye Capital Markets, warns that investors "should be aware that we are not completely out of the woods yet." "A large amount of Ethereum was staked and the queue of coming out of this is rather large, so a price pullback may occur," he stressed.

"Bitcoin, which very much sets the narrative for the whole sector, is still on pace to continue moving in the right direction. The price is still defending its $30,000 level, which is a good sign. Having said that, many believed that Bitcoin hitting the $30,000 price level would result in a significant rally for the cryptocurrency, and we have not seen any indication of this, which is clearly cause for worry or indicates a little weakening in the market," he added.

In other market news, there are notable rallies of around 5% in Binance coin (BNB), Ripple (XRP), Polygon (MATIC), Solana (SOL) and Litecoin )LTC). Cardano (ADA) rises 8%, as well as Dogecoin (DOGE).