The Shanghai hard fork is awaited by the Ethereum community. The above mentioned improvement is expected to occur over the next few months. Its goal is to allow staked coins to be withdrawn. The Ethereum Zhejiang testing network processed its first ETH withdrawal last week, bringing it one step closer towards the official upgrade. This raises the concern of a mass dump affecting the price Ethereum (ETH), as many industry experts predict will happen following the opening the withdrawal option.
Ethereum (ETH) Price To Dump
Lark Davis, a prominent crypto influencer, has posted a video warning to users. He explains that 16 million Ethereum tokens worth more than $26billion will be able be withdrawn starting in March 2023. He claims that this could cause a significant sell-off of the crypto market and further disrupt ETH’s bullish narrative.

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He also stated that not all coins will be available at once. In a similar vein to the above, Davis predicts that while many people will reap the benefits of selling their Ethereum, not all holders may sell or dump their ETH holdings. He also stated that the price for ETH at the time of the stake was placed was $600.

An excellent buying opportunity?
According to Davis, traders and investors in cryptocurrencies will have a great opportunity to make purchase if they take advantage the market that develops when holders decide to sell their coins rather than continue to stake them.
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It would take almost a year for all Ethereum validators to leave the network, even if they wanted, due to the daily constraints. Davis also announces that more than one million coins will be unlock in the three weeks following the unlocking process.

According to the definition on the Ethereum Foundation’s website, Ethereum staking refers to “the act of investing 32 Ethereum to activate validator software.” The foundation has a workaround for the 32 ETH threshold. Ethereum holders can participate in the rewards program and not meet the minimum requirement if the Ethereum Foundation allows them to use cryptocurrency exchanges such as Coinbase or specialized liquid staking platforms such as RocketPool.
Also read: Will these new changes help OpenSea outmatch rival Blur in NFT Race?

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