Ethereum Price Today: ETH Falls By 0.70% As Shanghai Upgrade Gets Delayed

Ethereum Price Today: The market is trading in red today as Bitcoin, and Altcoins including Ethereum see a decline. As of writing, Bitcoin price has decreased by 0.28% in the last 24 hours. Ethereum price decreases by 0.70%.

The global crypto market cap stands at 1.02 trillion USD, a decrease of 0.77% over the past day. The total crypto market volume in the last 24 hours decreased by 8.27% and is currently at 27.96 billion USD.

Ethereum (ETH) price dips by 0.70%

The second largest crypto, Ethereum price today dropped by 0.70% in the last 24 hours. The market cap for Ethereum is 191.34 billion USD. Moreover, trading volume decreases by 3.31% over the previous 24 hours. Each ETH token is trading for 1,563 USD, holding on to the support level of 1500. Source: coinmarketcap

Also read: Crypto Prices Today: Bitcoin, Cardano, XRP, Polygon, Polkadot Drop By 0.50-3%

The Shanghai upgrade which was all set to be executed by the end of March has been pushed further to April. The launch of the Goerli testnet, which serves as a thorough dress rehearsal for the Shanghai upgrade, is currently scheduled by Ethereum’s developers to take place on or around March 14. 

According to several analysts, the token unlock feature in Shanghai is expected to allow stakers to withdraw their vested tokens from Ethereum’s proof-of-stake smart contract. This may potentially lead to a short-term sell-off event which will make the price of ETH suffer. However, some analysts at leading exchanges think that there would be minimal selling pressure during the upgrade, and ETH withdrawals would be rate-limited. 

Will Ethereum Price fall any further?

The Binance Research team believes that massive selling during and after the Shanghai upgrade was improbable since only 31% of existing stakers had a profit. The other 69% of ETH stakers were expected to continue staking and receiving rewards until the price of ETH improved. 

The recent news of the potential insolvency of Silveragte Capital, a crypto focused bank, has sent shockwaves to the crypto industry. Following the news, Bitcoin dropped as low as 22k, thus, raising concerns of BTC reaching 20k as well. Ethereum might also possibly fall to 14k, if below that, it will lose the support level at 1400 dipping yet further.

Also read: Dormant Wallet Shifts 10.2K Ethereum Amid Silvergate Debacle; ETH Price Dump Ahead?