The highly anticipated Shanghai upgrade for Ethereum (ETH) could be a guiding factor in ETH price.
Referring to the ETH Shanghai upgrade, which will take place, cryptocurrency analysts stated that with the start of the upgrade, the stock ETHs may be withdrawn and this will have a positive long-term effect. The upgrade, which is scheduled to launch in the coming weeks, will also play an important role in the future of ETH.
Announcements Continuing About Etherum Shanghai Upgrade
ETH developers reported that they have successfully launched the Shanghai Capella upgrade on the Sepolia testnet leading the mainnet deployment. Officials stated that if the plans made according to the Shanghai upgrade go as expected, Ether withdrawals could take place by the end of March.
ETH, the world’s second largest digital asset, has attracted the attention of crypto investors, especially with its recent developments. Some analysts contacted by Blockworks emphasized that while Shanghai has seen significant selling pressure due to its initial supply, it is short-lived. He stated that in the medium and long term period, this situation will reflect positively on ETH. Also, Blockworks Research analyst Dan Smith added that ETH uses a “dynamic withdrawal queue” that is tied to staking demand rather than a PoS chain.
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