Ethereum (ETH), known for being the king of smart contracts and decentralized financial ecosystems, is gearing up for a significant network upgrade. Scheduled for April 12, the Ethereum Shanghai upgrade is set to enable speakers to withdraw Ethers from the PoS beacon chain, marking a major milestone for the Ethereum community. This news has led to an impressive 50% gain YTD for Ethereum bulls, according to market data from TradingView.
Ethereum’s Price and Validators
On Monday, ethereum ethereum Blockchain NetworkTechnology was trading around $1,803, marking its seven-month high as the Shanghai upgrade approaches. As of today, about 561k Ethereum validators have staked approximately 17.9 million ETH. Analysts expect more volatility during the event, and how the market will react to the upgrade remains to be seen.
The Ethereum Shanghai Upgrade: A Bullish Catalyst
After closing the first quarter on a bullish outlook, Ethereum traders are hoping that the Shanghai upgrade will stir up more uptrend swings. However, there is some fear that staked Ethereum may be sold to the secondary market, leading to overall sell pressure. In addition, Ethereum’s price has declined by over 61% since the staking program began two years ago.
According to Chris Burniske, a partner at Placeholder venture capital and former crypto analyst at Ark Invest, the Ethereum Shanghai Upgrade is bullish for Ether investors. Burniske asserts that the freedom for Ethereum stakers to have control over their assets is bullish for the ecosystem.
Also read: Ethereum Price Prediction 2023, 2024, 2025: This Is How ETH Price Could Perform In 2023!
This sentiment was echoed by brcapital fund founder, @rezoshm, on Twitter. @rezoshm noted that the Shanghai Upgrade will increase overall Ethereum confidence, and the freedom to stake and unstake ETH will have a bullish effect in the long term.
Related: Ethereum Gears Up For The Massive Shanghai Upgrade: Here’s What To Expect – Coinpedia Fintech News
the Ethereum Shanghai upgrade is set to be a significant milestone for the Ethereum community, as stakers gain more control over their assets. While there is a level of uncertainty and fear in the market, many analysts are bullish on the long-term prospects for Ethereum.
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