The much-awaited event is very close to getting accomplished! Yes, the Ethereum Shanghai upgrade will be finally rolled out on April 12, 2023, which will enable withdrawals of the staked ETH on the Beacon chain. In an Execution layer meeting, the core developers approved the target deadline with epoch 620, 9536. The lead developer, Tim Beiko, confirmed the launch through his tweet.
6209536 4/12/2023, 10:27:35 PM UTC
— timbeiko.eth (@TimBeiko) March 16, 2023
The Shanghai upgrade, besides enabling the withdrawals of the staked ETH from the Beacon chain features 5 other improvements. Way back in December 2020, the validators were supposed to stake 32 ETH on the ETH 2.0 smart contract to trigger the Beacon chain. Despite phase 0 being kicked off, the validators continued to stake, marking a new ATH every other day. According to Etherscan, the smart contract has over 17.6 million ETH, which is worth nearly $30 billion that is feared to trigger a massive sell-off soon.
Source: Etherscan
Read More: Ethereum Shanghai Upgrade
After the successful merge of the Beacon chain with the Mainnet, the next step in the roadmap of the network includes Surge, Verge, Purge, and Splurge. Since the merge, the developers have been running numerous tests to ensure the staked ETH withdrawals function properly. All the tests on Ethereum testnets were deployed to ensure a smooth run, the last one was Goerli; which experienced a low participation rate.
Ethereum (ETH) Price Gearing Up
With the rounds of the date being finalized of the Shanghai hard fork, the native token, Ether (ETH), is witnessing a significant upswing. The crypto space has witnessed this notable upswing since the early trading hours and is expected to maintain a fine upswing ahead. The price soared above the major resistance at $1700 and is expected to breach the crucial levels at $1817 very soon.
Source: Tradingview
In the short term, ETH price has maintained a significant upswing since the beginning of the week and is believed to maintain an ascending trend, including a couple of pullbacks. The price, which is trading within an ascending triangle, might see a slight drop and continue to hover along the lower trend line to reach the edge of the consolidation.
Source: Tradingview
In the longer-time frame, the Ethereum price appears to be extremely bullish, as evidenced by the recent push toward the resistance. The price is heavily consolidating close to the upper resistance and displaying a possibility of a bullish breakout soon. The price needs to rise above the pivotal resistance at $1737 at the earliest to set up a fine upturn ahead. Moreover, if the price manages to surpass $1750, then there is a fair chance of it rising close to $2000 in the coming days.
Additional Read: USDC Stablecoin Depeg
Meanwhile, the Shanghai upgrade also raises the fear of a massive influx of tokens, as many analysts predict the validators may sell off their holdings, which may impact the price ahead. Also, the second largest crypto often loses its hold over the rally after the hype surrounding the event ceases, as it happened during the Beacon Chain launch and its merger on the Mainnet.
