Amidst today’s favorable market conditions, which were marked by an abundance of bullish indications, Ethereum’s price managed to climb beyond the $2,000 threshold, resulting in a gain of more than 3.8% in only 24 hours. With the Shapella update getting closer, set to take place in a few hours, more activity on the network in its anticipation is being witnessed. Over a 24-hour period, the trading volume of assets showed an increase of more than 68%.
As of the time of publication, the asset’s market cap had likewise seen a gain of about 4% from the previous day.
Where do we go from here following the upgrade?
According to the opinions of industry professionals, the release of ETH tokens may temporarily increase the amount of selling pressure on other cryptocurrencies. Despite this, it is probable that a big proportion of the ETH that has been staked may hit liquid staking projects or queue up for staking elsewhere. This is owing to the price of the cryptocurrency as well as the fact that holders are now in the negative at the time of release.
The fact that the Shapella upgrade was pre-released in connection with the current rise in the price of Ethereum to a peak that is higher than $1,900 in 2023 is another option. This possibility arises from the fact that the update was pre-released. It is possible that the price of ETH has already accounted for the upcoming upgrade, and it is also possible that the token unlocks will either be a non-event or will have less of a negative effect than the community had predicted it would have in the past. Both of these outcomes would be contrary to what the community had predicted would happen in the past.
