The upcoming upgrade to the Ethereum blockchain will allow users to withdraw millions of “staked” Ether, the native cryptocurrency, for potential sale. That would typically indicate a flood of selling pressure awaits the token, but not everyone is buying
While it may cause downside pressure in the short run, the Shanghai upgrade will be highly bullish for Ether’s price in the mid-to-long term, according to Vivek Raman.
Various factions of the Ethereum community are planning watch parties to witness the first-ever withdrawals of staked ether, with the blockchain's Shanghai upgrade (aka "Shapella") set for Wednesday at 22:27 coordinated universal time (6:27 p.m. ET).
The amount of ETH being staked monthly has recently dipped according to the on-chain analytics platform Glassnode.
With the upcoming Shapella upgrade, liquid staking derivatives are on the way to turn into the new Alaska gold fields.
Their thinking is contrary to other market observers, who believe a mass-sell-off following the “hard fork” will send prices downward.
Ethereum on-chain data reveals a considerable rise in the number of Ether shark addresses with weeks before its hard fork in March.
Analysts had been divided on how prices might react.
Members of the Ethereum community responded to the latest upgrades to the Ethereum mainnet.
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Mon,01 Apr 2024