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Ethereum (ETH) Worth Billions At Risk Of Selloff After Shanghai (Shapella) Upgrade

Ethereum (ETH) worth billions at risk of selloff after the Shanghai Capella (Shapella) upgrade on Wednesday.
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Ethereum (ETH) Worth Billions At Risk Of Selloff After Shanghai (Shapella) Upgrade

With the Ethereum network set will undergo the Shanghai-Capella (Shapella) upgrade tomorrow April 12, investors speculate whether the ETH price to fall after withdrawals of staked Ethereum are enabled. While some consider a massive ETH selloff possibility after the Shanghai mainnet upgrade, others believe ETH price will remain stable and surpass $2000.

The Ethereum Shanghai mainnet upgrade is scheduled at epoch 194048 on April 12 at 10:27:35 PM UTC, as per the announcement by Ethereum core developers.

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Ethereum (ETH) Selling Pressure After the Shanghai Upgrade

Over 18.14 million ETH worth $34.76 billion have been staked on the Beacon chain, as per the Etherscan Beacon Deposit Contract data. Out of this 18 million ETH, only some amount of ETH will be withdrawn by validators and investors due to limits, delays by liquid staking pools, and delays by crypto exchanges.

According to Nansen data, the average price of staked ETH is $2,135. Moreover, about 4.7 million ETH worth $9 billion are illiquid in profit, which is arguably the most likely category to witness selling when withdrawals are enabled after the Shanghai upgrade.

Therefore, ETH worth $9 billion out of $34 billion are at risk of a selloff, indicating likely selling pressure on ETH price.

CoinGape Media earlier reported two reasons supporting low selling pressure after the Shanghai upgrade— most participants are at a loss and the largest Ethereum staking pool’s depositors are also at a loss.

In addition, the largest Ethereum liquid staking platform Lido Finance announced that Lido staked ETH (stETH) withdrawals will likely be delayed to May. It revealed that the time spent on undertaking V2 audits has caused delays in readiness for the Ethereum Shanghai Goerli upgrade.

Binance also announced a delay in withdrawals of staked ETH from the crypto exchange for a week after the Shanghai upgrade.

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ETH Price Inches Towards $2000

Ethereum (ETH) price is moving closer to $2000 after renewed positive sentiment in the crypto market as Bitcoin price hit $30,000 after 10 months. Ethereum price is expected to fall after the Shanghai upgrade as validators are likely to sell their ETH.

ETH price is trading at $1,921, up 4% in the last 24 hours, with a 24-hour high of $1,936. The trading volume has also jumped 65% in the last 24 hours, indicating a rise in interest among traders.

Also Read: Elon Musk’s “Twitter” Doesn’t Exist Anymore, Merges With X Corp

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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