Sign Up on MEXC
Ethereum Shanghai upgrade news: The network’s highly anticipated upgrade is set to go live sometime in March or April. It will allow ETH stakers to withdraw their cryptocurrency currently locked in the ETH 2.0 smart contract. But the question is, will unlocking this amount cause immense selling pressure?
A dress rehearsal (Zhejiang testnet) for the Ethereum Shanghai upgrade is about to begin. It serves to replace the Shandong testnet because when the latter was launched, it included several EIPs that will not be rolled out with the upgrade.
According to Paritosh, Developer at the Ethereum Foundation, the Zhejiang testnet is a great opportunity for all tools to test out how they want to collect, display and use the withdrawal information. Making the experience smooth for users is one of our highest priorities now!
How Ethereum Shanghai Upgrade Will Impact ETH’s Price?
At the time of writing, the current price of Ethereum is $1,667.61 with a one-day trading volume of $9,876,481,170. ETH has risen by nearly 5.51% during the past 24 hours. The coin strongly holds the second position on CMC, with a live market cap of $204,071,388,357.
The implementation of the Shanghai network upgrade is expected to drive Ethereum’s staking ratio up so that stakers can enjoy additional yield without the downside of lower liquidity. From lowered gas fees to fewer failed transactions, it is expected that ETH will surge amid the network upgrade.
On the bearish side of things, the cryptocurrency market is still at the edge of a bullish-bearish trend. There are many reasons for it like many investors are not over with Terra Luna and FTX contagion. Also, macroeconomic factors are bearish that might pressure original Ethereum stakers to sell their staked ETH.
In conclusion, Shanghai Network Upgrade can lead Ethereum toward a massive surge, or investors can witness the price dump. It is just a matter of time until we find out!
Also Read: How Ethereum Shanghai Upgrade Will Impact ETH Holders?
Note: The information in this article is solely the author’s opinion and not investment advice – it is provided for educational purposes only.
- Breaking: Polymarket Partners With Chainlink To Boost Market Resolution Process
- Pi Network Upgrades Blockchain Protocol To Version 20 On Testnet As Pi Coin Price Jumps 3%
- Galaxy Digital Boosts Solana Holdings as FTX Estate Unstakes $45M SOL
- XRP Whales Dump 40M Coins Despite ETF Anticipation, Here’s Why
- Ethena Labs Exits Hyperliquid USDH Bid as Polymarket Traders Back Native Markets
- Solana Price Forecast: Ford’s $1.65B Treasury Bet Sets Sights on $320
- Dogecoin Price Prediction as CleanCore Pushes Toward 1B DOGE Target- Is 92% Rally Ahead?
- SHIB Price Forecast as LEASH V2 Rollout Expands Cross-Chain — Is a 200% Rally Ahead?
- BNB Price Forecast as Binance–Franklin Templeton Deal Strengthens Path to $1,500
- Pi Network Price Wyckoff Theory Signals a Surge as One Whale Keeps Buying
