Events surrounding the Ethereum network upgrades are the most interesting crypto events since the Merge was completed back in September 2022. As close as the next upgrade, that is the Shanghai upgrade is coming closer to its launch date, the ETH price is projecting the sentiments of the market and the crypto enthusiasts.
It’s happening 🎊
Shapella is scheduled on mainnet for epoch 194048, scheduled for 22:27:35 UTC on Apr. 12, 2023 📆
Client releases compatible with the upgrade are listed in the announcement below 👇https://t.co/I0hSv9lnjz
— timbeiko.eth ☀️ (@TimBeiko) March 28, 2023
A week before the Shanghai upgrade is set to go live, the ETH price has started to hover around the $1900 levels. As per data from the TradingView, on Wednesday, April 5, 2023, for most of the day, ETH has been on the $1.9k levels. The Shanghai upgrade, also referred to as the Shapella upgrade, that is set to mark the completion of Ethereum’s transition to Proof of Stake consensus from its earlier Proof of Work consensus, is set to go live on April 12, 2023.
Source: TradingView
The second largest crypto token by market cap, after Bitcoin, was trading at $1,913, which was up by about 2.2%. Earlier today, April 6, 2023, the ETH price rose to $1,941, which is its highest value level since August 2022. A senior analyst at technical analysis-based research firm Fairlead Strategies, Will Tamplin commented that, “Ether appears to be pushing higher out of a flag pattern, which supports near-term upside follow through.” He also said that the ETH price is likely to meet resistance initially near the $2,000 levels, which is “a psychological threshold that roughly aligns with the August 2022 high.” The initial support of ETH has been near $1,670, he added.
Following the rise in ETH price, BTC price has been going on a flatline since Tuesday, as it has been within the range that is between $27,000 and $28,500 for most parts since March end. The Director of derivatives at crypto analytics firm Amberdata, Greg Magadini said, “The recent rally was heavily led by BTC, but now with the upgrade and the enthusiasm around Twitter and dogecoin speculation, we’re seeing interest begin to pick up in altcoins.”
According to data from ultrasound.money, ETH is continuing to turn deflationary as its inflation rate is sitting at -0.32% as of today. This means that the amount of ETH tokens that are being burned has exceeded the amount of ETH token that is being minted.
Read more: Bitcoin Price Prediction
Source: ultrasound.money
Meanwhile other altcoins have also been busy, according to CoinGecko data;
- The governance tokens of the liquid staking protocols, Lido DAO’s LDO token and Rocket Pool’s RPL both surged over 2%.
- Stargate Finance, a cross-chain bridge protocol’s token, STG, rose more than 14%.
Source: CoinDesk
Read more: Ethereum Price Prediction
