Ethereum Shapella Upgrade Closes In; ETH Price Set To Bleed?
Ethereum News: The Ethereum network is set to witness a much anticipated technical upgrade on April 12, 2023. The new development will allow the ETH holders/Users to withdraw their billion worth of Ethereum (ETH) tokens. However, On-Chain data shows that there is a decline in the deposit trend by the staking providers over the past week. It raises a crucial question here how do ETH holders’ action will impact the Ethereum price ahead?
Also Read: Cardano Whales Scoops 560 Million ADA; Something Big Coming Up?
$34 Billion Worth Of Ethereum Locked In
The cryptocurrency market is in a recovery phase for now. However, it is expected that the traders affected by the recent market downturn might seize the opportunity to withdraw their staked tokens.
IntoTheBlock reported that the Shapella fork will enable Ethereum staked to be withdrawn by validators. This will allow $34 billion worth of locked ETH to enter the market. It mentioned that withdrawals of staked ETH will see a delay to be processed in order to mitigate an exodus and worse security for Ethereum. Read More Ethereum News Here…
Also Read: Binance Futures Users Affected; CZ Replies
It added that the partial withdrawals will take around 4 to 5 days, while, it is projected to take over 100 days for 1/3 of the full withdrawals to happen. This suggests that around $80 million to $100 million of Ethereum will be withdrawn daily if this happens.
Glassnode reported a decline in deposit trends by staking providers. It mentioned a clear shift in deposits over time with Kraken, Binance, and Coinbase. However, Lido emerged as a winner defeating the three giants. Lido now continues to dominate deposit inflows.
Ethereum price has managed to surge by 33% over the past 30 days. ETH is trading at an average price of $1,857, at the press time. Its 24 hour trading volume is up by 7% to stand at $6 billion.
- Michael Saylor Says “No New Orange Dots” Pausing Bitcoin Buys as Holdings Hit Record $79B
- Experts Turn Bullish on Pudgy Penguins as PENGU Leads Meme Coin Buys on Solana
- ASTER to Launch Phase 2 Airdrop on October 10 as Open Interest Tops $5B in Two Weeks
- El Salvador’s Bitcoin Holdings Hit $475M Profit as BTC Becomes World’s 7th Largest Asset
- Breaking: Bitcoin Hits New ATH Above $125k as ‘Uptober’ Kicks Off in Full Force
- Dogecoin Price Rebounds 15% From Buy Zone as Whales Add 30M DOGE – Can Bulls Push Beyond $0.30?
- FLOKI Price Prediction as ETP Listing Drives Adoption—Is a 160% Rally Ahead?
- BNB Coin Price Hits ATH as Derivatives Activity Soars—Is $1,520 the Next Stop?
- Aster Price Eyes $3 After Channel Breakout as Open Interest Surges to $1.37B
- Will XRP Price Hit $5 if the SEC Approves ETFs This Month?
- Bitcoin Price Hits $120K Ahead of Q4 — Can Citigroup’s Forecast Hold Up?
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.
