Ethereum Price (ETH) Shoots Past $1,700 to Hit 5-Month High With Whale Support
After facing a bit of selling pressure on the Fed rhetoric, the crypto market is showing signs of recovery again. The Ethereum price (ETH) is up by 3% in the last 24 hours shooting past $1,700 levels for the first time in five months.
Interestingly, the Ethereum price is currently at the highest level since the merge event in mid-September 2022. As per on-chain data provider Santiment both – shark and whales – have been holding their ETH supplies strongly. It notes: “shark & whale addresses holding 100-100K $ETH still hold nearly 47% of the supply”. The same cohort of investors has also accumulated nearly 2 million ETH since November 5th.
Ethereum Price Volatility Ahead of Shanghai Upgrade?
The Ethereum Shanghai upgrade scheduled for the next month of March will introduce withdrawals for more than 16.5 million ether (ETH) staked in the blockchain. The Shanghai upgrade is likely to change the ETH supply and demand dynamics in the market and thus traders are expecting Ethereum price volatility going ahead.
With the Shanghai upgrade, $25 billion worth of ETH will be available for withdrawals as well as sale in the open market. Besides, the staking yields for ETH are also likely to decrease after the upgrade. Thus, there’s a possibility that traders would unstake their coins and instead move the capital to other coins that offer better yields.
In his recent podcast interview, Ethereum co-founder Vitalik Buterin also shared further developments in the Ethereum roadmap. According to him, the main thing to focus on currently is sharding.
With sharding, Ethereum will build a system that supports more transactions than a single node can verify. Thus, it would improve the scalability of the Ethereum blockchain considerably.
Furthermore, Ethereum’s roll-ups centric roadmap seeks to focus on making the Ethereum blockchain friendly to people willing to build Layer 2 scaling solutions that could easily plug into Ethereum for security.
Intern Notes on The Network State Podcast #1
ft @balajis & @VitalikButerin
– How the $200B idea was born 💡
– Rising issues of censorship & privacy🕵️🚨
– Vitalik's secrets to leveling up his game (you dont want to miss this)Here're 6 takeaways from the 117 mins podcast pic.twitter.com/FLTMoRbakl
— Whospay Intern (@whospay_intern) February 16, 2023
- XRP Ledger Rolls Out MPT Standard for Real-World Asset Tokenization
- SEC Puts Crypto ETF Approvals On Hold Following U.S. Government Shutdown
- Pi Network Adds DEX and AMM Features To Expand Pi Coin’s Utility
- October Fed Rate Cut Odds Rise After Weak U.S. Labor Data, Bitcoin Surges
- Hashdex Adds Cardano to Crypto Index Fund as ADA Gains SEC Listing Eligibility
- BONK Price Rally Ahead? Open Interest Jumps as TD Buy Signal Flashes
- Shiba Inu Price to Surge as Whales Buy and Team Commits to Shibarium Growth
- XRP Price Prediction After Ripple CTO David Schwartz Resigns
- SUI Price Eyes $4.5 as Coinbase Futures Listing Sparks Market Optimism
- Chainlink Price Holds $20 Support Amid Tokenization With DTA Standard Progress – Is $47 Next?
- Analyst Predicts Dogecoin Price Surge as DOGE ETF AUM Hits $20M
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal 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.
