The Ethereum price received the required push as the Shanghai Upgrade went live a short while ago. Soon after the upgrade, more than $200 million worth of ETH has already been withdrawn, while 3.5% of the total validators are still waiting to withdraw. However, Glassnode has already predicted that the withdrawal amount may reach up to $300 million, but the current facts suggest the levels may rise in the coming hours.
The Aftermath of the Shanghai Upgrade!
Ever since the ETH 2.0 Beacon Chain was launched, the validators began to stake their ETH over the smart contract to trigger the Merger. The Beacon chain was further merged with the mainnet, and the Ethereum network was transposed from Proof-of-work to Proof-of-Stake without halting the network. Even after the merge, the validators continued to stake their ETH over the network, which reached the ATH of over 19.19 million.
In the meantime, liquid staking platforms like Lido DAO gained huge attention as users used the platform to stake locked ETH and earn rewards. Now that the ETH has been unlocked, a total of 63,695 ETH have been withdrawn from the platform, accounting for 57.2% of the total withdrawals.
As many as 16 withdrawals can be processed in a single block, and 115,200 validators can process withdrawals per day. Regardless of other factors, it took 5 days to process withdrawals from 567,201 validators. However, it is said to be a slightly tedious job to withdraw ETH smoothly. One needs to change the 0x00 withdrawal certificate to 0x01 after the Shanghai upgrade. However, you need to provide a withdrawal address.
Will this Impact the Ethereum (ETH) Price?
The FUD of ETH flooding into the market has been circulated ever since the staked ETH levels began to mark new highs almost every day. Therefore, many experts believed the price may fall prey to either, ‘buy the rumour, sell the news’ or else massive selling pressure may knock in slashing the prices lower.
Ethereum, along with other top cryptos like Bitcoin, witnessed a fine upswing ahead of the upgrade. While many believed this may be a short-term rally, the ETH price consolidated for a while and breached the resistance to rise above $2000 in no time. Hence, indicating the upgrade, specifically, the withdrawals have not largely impacted the Ethereum price or any other crypto within the markets.
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