Shanghai Upgrade Is Here, ETH Price Stability Shocks Analysts

Ethereum has recently seen the Shanghai upgrade which enables the network participant to withdraw their staked ETH after 3 years. Various analysts have expected a volatile momentum after the upgrade. Ethereum price defied the analyst’s expectations and remained stable. Even LSD tokens did not see much momentum after the upgrade.

After a few hours of the upgrade, it saw roughly $10 Million of ETH withdrawn as per the Beaconchain. Vitalik Buterin said at the upgrade party that making Ethereum scalable and transactions faster and cheaper would be the next thing to do. There are 570,306 validators present in the Ethereum blockchain. There are broadly two ways for validators to withdraw, one is partial and the other is full withdrawal.

In partial withdrawal, one can withdraw their rewards but leave the original staked ETH. On the full withdrawal, they can withdraw their whole staked ETH and rewards. Ethereum can process 16 withdrawals per request which happen every 12 seconds. It may take hours or days before validators can withdraw their whole amount. While the major focus of the Shanghai upgrade was withdrawals, there were also 4 EIP mechanisms which will be going to help the developers.

Ethereum has a market cap of $230 Billion and is ranked 2nd in the crypto-verse. The volume of ETH surged by 26% in the past 24 hours. Meanwhile, Lido is one of the biggest Liquid staking validators with 33.3% of total ETH staked as per Dune Analytics.

Does $2500 Await For ETH Price?

Ethereum has recently seen the Shanghai upgrade which can embark a bullish momentum. ETH price has been observing a weak upside trend in the weekly chart. It is currently near its 30 Day High and may see a rally toward the 52-week high of $3173. The asset price is currently trading near the value of $1914 with a gain of 2.5% in the intraday session.

The upside trend of ETH can observe a halt near the value of $2000.Meanwhile, a bounce-back in asset price can be seen near $1800. Ethereum is trading above the 50 and 100 Daily Moving Averages. There can be a positive crossover in the DMA which can push the asset price to a new high. The RSI of the ETH is near 60 with no slope in it. The overall sentiment of the RSI is neutral suggesting a consolidated move for a while.

Summary

Ethereum has recently seen the Shanghai upgrade which will embark on a new journey for the blockchain. It will enable the network participant to withdraw their staked ETH. ETH price is relatively stable which has amazed various analysts. It can see a strong upside trend in the future.

Technical Levels

Major Support:$1800

Major Resistance:$2000

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.