Ethereum Maintains Bullish Form As Developer Confirms Date For Shanghai Upgrade
17 Mars 2023 - 1:30PM
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Following the market bounce this week, Ethereum (ETH) has been one
of the most profitable tokens with better market performances than
most altcoins, including Cardano(ADA), Dogecoin (DOGE), and Solana
(SOL). The second-largest cryptocurrency by market cap began the
week trading around the price region of $1,588 before rising by
about 12% to almost hit the $1,800 price level for the first time
since August 2022. Following this impressive price gain, ETH
experienced a minor pullback which saw its market price fall to
around $1,628. However, ETH soon resumed its bullish course with
steady gains over the last two days. Related Reading: Bitcoin
Blasts Past $26,500, Gearing Up For Another Bullish Weekend
According to data from Coingecko, Ether is maintaining its upward
momentum gaining by 4% in the last 24 hours, thus, moving its
overall gains in the last seven days to an impressive 20.2%.
ETH’s positive price movement is quite important, especially with
the upcoming Shanghai upgrade of the Ethereum network. In the
latest development on that front, Ethereum users will be pleased to
know that there is now a confirmed date for the Shanghai network
update. At the time of writing, ETH is exchanging hands at
$1,744.12, with its daily trading volume set at $11.7 million. In
addition, the altcoin maintains its 17.1% market dominance with a
market cap value of $208.5 billion. ETH trading at $1,743.90 |
Source: ETHUSD chart on Tradingview.com When Is The Official Date
For The Ethereum Shanghai Upgrade? Following the successful
Shanghai upgrade of the Goerli testnet on March 14, it was only a
matter of time before the Ethereum mainnet followed suit. At the
Ethereum developers meeting yesterday, an official date was finally
chosen to implement the much-anticipated hard fork of the Ethereum
network. According to a tweet from popular Ethereum developer Tim
Beiko, the Shanghai Upgrade is scheduled to take place in four
weeks on April 12 at exactly 10:27 pm UTC. This announcement has
sparked much excitement within the Ethereum community and the
crypto space in general. Related Reading: BNB Price Surges Over 20%
in a Week And Rally Seems Far From Over Significance Of The
Shanghai Upgrade The Ethereum Shanghai Upgrade is one of the most
anticipated events in the crypto space for 2023. Like any upgrade,
it promises to introduce various exciting features, including
significant improvements in scalability, security, and smart
contract operations. However, the most notable point about the
Shanghai upgrade is that it will finally allow the withdrawals of
staked ETH. Currently, there are about 17.5 million ETH tokens
worth $29 billion staked on the Ethereum network. Following
the Shanghai Upgrade, there may be massive withdrawals of these
tokens, which might lead to a dramatic rise in the liquid volume of
ETH in the market. However, there is lots of speculation on
how this potential development will affect the operations of liquid
staking protocols, which are the largest contributor to the ETH
staking market, owning 32% of all staked Ether tokens.
Featured Image: Bloomberg, chart from Tradingview.
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