Ethereum Shanghai Upgrade Progress: Will the ETH price rise or fall?

Ethereum Shanghai upgrade news: The highly anticipated upgrade will be live sometime in March or April. It will allow ETH investors to withdraw the cryptocurrency that is currently locked in the ETH2.0 smart contract. The question is: Will unlocking this amount create immense selling pressure?
The Ethereum Shanghai upgrade will soon begin with a dress rehearsal (Zhejiang Testnet). It replaces the Shandong testnet, which was launched in August 2017. However, it contained several EIPs that were not compatible with the upgrade.
Paritosh (Developer at the Ethereum Foundation), says that the Zhejiang Testnet is a great opportunity to all tools to test how they want to collect and display the withdrawal information. We are committed to making the user experience easy.
How Ethereum Shanghai Upgrade Will Impact Ethereum’s Price
The current Ethereum price is $1,667.61, with a daily trading volume of $9.876,481,170. ETH has risen nearly 5.51% in the last 24 hours. With a market cap of $204,071,388,357, the coin holds strong second place on CMC.
Source – CoinMarketCap
The Shanghai network upgrade will likely increase Ethereum’s staking ratio so that stakers can get more yield without having to worry about lower liquidity. The network upgrade will see ETH surge, with lower gas fees and fewer failed transactions.
The bearish side of the coin market is that it is still in a bullish-bearish trend. It is possible that investors are still concerned about Terra Luna and FTX contagion. There are many reasons why this is so. Macroeconomic factors could also be bearish, which might make it more difficult for original Ethereum stakers sell their staked ETH.
The Shanghai Network Upgrade could lead Ethereum to a huge surge or investors can see the price drop. It’s only a matter of time before we find out!
Also read: How Ethereum Shanghai Upgrade Will Impact Ethereum Holders
Note: This article contains only the author’s opinion. It is not intended to be used as investment advice.
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