Ethereum Price Today: ETH Drops Despite Shanghai Upgrade Development

Ethereum Price Today: The market is trading in red today, as most of the significant coins see a decline. Investors are currently exercising caution when it comes to investing in riskier assets, primarily due to concerns surrounding mounting macroeconomic issues, which have been exacerbated by higher-than-anticipated inflation rates.

The global crypto market cap stands at 1.07 trillion USD, a decrease of 0.36% over the past day. The total crypto market volume in the last 24 hours increased by 28.36% and is currently at 45.38 billion USD.

Ethereum (ETH) decreases by 0.51%

The second largest crypto, Ethereum price today dropped by 0.51% in the last 24 hours. The market cap for Ethereum is 199.31 billion USD. Moreover, trading volume increases by 14.87% over the previous 24 hours. Each ETH token is trading for 1,628 USD, holding on to the support level of 1600. Source: coinmarketcap

A step further to Shanghai Upgrade

The Sepolia testnet, Ethereum’s second test network, has successfully replicated withdrawals of staked ether (ETH), marking a significant step towards the highly anticipated Shanghai Upgrade for the Ethereum blockchain. This upgrade, which was triggered at epoch 56832, allows validators to withdraw their stake from the Beacon Chain back to the execution layer and introduces new features to the execution and consensus layers.

Once implemented, the Shanghai Upgrade will signify Ethereum’s complete transition to a fully functional proof-of-stake network, enabling validators to withdraw rewards earned from adding or approving blocks to the blockchain. The announcement of the live and finalized Shapella network on the Sepolia testnet was shared by Ethereum developers and clients on Twitter. The next upgrade will occur on the Goerli testnet, followed by the mainnet, ultimately finalizing the Shanghai upgrade.