Ethereum Price (ETH), Hits 5-Month High with Whale Support

The crypto market is showing signs that it is starting to recover after being subjected to some selling pressure from the Fed rhetoric. The Ethereum price (ETH), which has risen by 3% over the past 24 hours, has surpassed $1,700 levels for only the second time in five months.
The Ethereum price is at its highest level since mid-September 2022, when the merger took place. According to Santiment, both sharks and whales have been holding on to their ETH supplies well. It states that “shark and whale addresses holding 100-100K USDETH still hold nearly 47%” Since November 5, the same group of investors has accumulated almost 2 million ETH.


Courtesy of: SantimentEthereum Price Volatility Before Shanghai Upgrade
The Ethereum Shanghai upgrade, which is scheduled for March 2019, will allow withdrawals for more that 16.5 million Ethereum (ETH) staked on the blockchain. Traders expect Ethereum price volatility in the future due to the Shanghai upgrade.

Shanghai upgrades will make it possible to withdraw $25 billion worth of ETH and also sell it in the open market. The staking yields for ETH will also likely decrease following the upgrade. There is a possibility that traders will decide to move their capital to coins with better yields, rather than unstaking their coins.
Vitalik Buterin, Ethereum cofounder, also spoke out about further developments in the Ethereum roadmap during his podcast interview. According to Vitalik Buterin, the main thing that should be focused on right now is sharding.
Trending Stories

Ethereum will be able to support more transactions through sharding. It would greatly increase the scalability and efficiency of the Ethereum blockchain.
Additionally, Ethereum’s rollups centric roadmap aims to make Ethereum’s blockchain friendly to people who want to build Layer 2 scaling solutions that could be easily connected to Ethereum for security.

Intern Notes on The Network State Podcast #1
ft @balajis & @VitalikButerin
– How the $200B idea was created – Rising privacy and censorship issues – Vitalik’s secrets for leveling up (you don’t want to miss this).
Here’re 6 takeaways from the 117 mins podcast
— Whospay Intern (@whospay_intern), February 16, 2023

About the author

The content presented may contain the author’s personal opinion and is subject to market conditions. Before investing in cryptocurrency, do your market research. The publication or the author are not responsible for any financial loss.

Crypto Stories
View all