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- The Shanghai and Shapella upgrades have been successfully completed.
- Ethereum has reached its highest level in eight months.
- Ethereum has surpassed Bitcoin with its rise.
Ethereum Approaching $2000!
Ethereum, which has reached its highest level in eight months, has moved after a successful network upgrade called Shanghai or Shapella.
The upgrade, which was implemented at 01:30 on April 13th according to Turkish time, allows ETH staking users to withdraw money, which is a process that helps secure and verify transactions on the blockchain. In the first hours after the upgrade was released, ETH traded quite horizontally.
Ethereum, the second largest cryptocurrency by market value, has gained over 4% since the upgrade, while market leader Bitcoin has gained less than 2%.
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David Brickell, Institutional Sales Director at Paradigm:
“ETH has underperformed BTC due to potential supply dynamics since the uncertainty and unlocking of the upgrade. Now that the risk event is over, there is no significant selling pressure, and the market may loosen short protections and rebalance towards ETH.”
Analysts moving towards the main hard fork are divided on how the backward-incompatible upgrade will affect ETH’s price, with some predicting that investors will rush to liquidate their assets.
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So far, more than 108,000 Ethereum stakes have been withdrawn.
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Although Ethereum saw horizontal price movements after the upgrade, it tested the $1994 levels early in the day. The Ethereum price is currently trading at around $1982, unable to sustain above $1990.
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