Massive ETH Dump By Whales As Developers Reveal Ethereum Shanghai Upgrade Date

After the massive crypto market selloff today, whales sold Ethereum in millions to crypto exchanges as Ethereum core developers set the Shanghai upgrade in early April. Core developers and clients also decided the date for the Goerli testnet upgrade.

During the Ethereum ACDE, Ethereum core developers and clients set the date for the Shanghai upgrade on the Goerli testnet. The upgrade will happen at epoch 162304 at 10:25:36 PM UTC on March 14. Moreover, the core developers anticipate the Shanghai mainnet hard fork in early April.

However, whales have started selling their ETH holdings after the announcement. Whale Alert reported a transfer of 15,400 ETH worth $25 million from an unknown wallet to Binance. Also, a transfer of 25,361 ETH worth over $41 million from an unknown wallet to Coinbase.

Lookonchain revealed that the whale which transferred 15,400 ETH made a profit of $4 million in just 2 months. The whale purchased 8,599 ETH with 11.48 million USDC and received 7,150 ETH worth $9.01 million from Binance in December 2022.

Also Read: Will Ethereum Price Rise Or Fall After Shanghai Upgrade? New Data Reveals Answer

While concerns are rising about the ETH price fall after the Shanghai upgrade, data suggests low selling pressure after the upgrade.  According to Etherscan data, over 17 million ETH worth about $29 billion have been deposited into Ethereum’s Beacon Deposit Contract, representing nearly 14% of the total supply.

Ethereum To Fall Below $1500 Before Shanghai Upgrade?

Ethereum price fell nearly 5% in the last 24 hours. After a market-wide selloff today, the ETH price is currently trading at $1,568. The 24-hour low and high are $1,553 and $1,652, respectively. The trading volume has jumped in the last 24 hours, indicating interest among traders.

While the ETH price to remain under pressure due to the fear of a 50 bps rate hike by the U.S. Federal Reserve, a fall below $1500 is unlikely.

Also Read: US SEC Chair Drops Another Bomb For Crypto Exchanges; Coinbase In Trouble?