The Ethereum (ETH) network faces more uncertainty in the coming weeks following increased cryptocurrency regulatory calls amid the upcoming Shanghai upgrade. Already, the United States Securities and Exchange Commission (SEC) has indicated that all crypto assets except Bitcoin are unregistered securities.
Additionally, the SEC has indicated that crypto staking programs – the technology used by the Ethereum blockchain to secure and confirm transactions – are unregistered securities.
Earlier this week, Ethereum’s Sepolia testnet successfully upgraded to Shapella, with the next major step towards Shanghai expected at Goerli. With the Shanghai upgrade, Ethereum (ETH) stakes can withdraw over 17 million staked ethers. Having locked the assets for over two years, crypto analysts forecast increased sell pressure in the coming months.
According to data analytics firm CryptoQuant, approximately 60 percent of staked ether, representing about 10.3 million ETH, is currently at a loss. As a result, the firm thinks sell pressure will not be extreme as more participants wait to get into profits.
“Typically, selling pressure arises when participants have extreme profits, which is not the case for stake ethers currently,” CryptoQuant noted.
Nevertheless, according to on-chain data from Santiment, more Ethers have been leaving centralized exchanges with the supply at its lowest in recent months.
Ethereum Price Analysis
The Ethereum price has increased approximately 36 percent YTD to trade around $1,642 on Thursday. However, analysts anticipate a 25 percent correction towards $1,250. Otherwise, the Ether price could spike to $2,000, where most bullish traders have their target.
From the macro-chart perspective, the Ethereum price is yet to break out from the 2022 bear market. Having rebounded from the falling trundling more than three times, any breakout will push the asset toward the ATH. Meanwhile, the possibilities of ETH dropping to the $12k region are higher than a parabolic breakout.
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