-AD-
-AD-
HomeNewsEther Surges Past $1,900 Resistance Level Ahead of Ethereum Shanghai Hard Fork

Ether Surges Past $1,900 Resistance Level Ahead of Ethereum Shanghai Hard Fork

- Advertisement -
  • Ether has surpassed the $1,900 resistance level for the first time in over seven months.
  • This price increase comes a week before staking withdrawals are enabled in the upcoming Ethereum Shanghai hard fork.

Ether, the second-largest cryptocurrency by market capitalization, has recently broken the $1,900 resistance level for the first time in over seven months. At the time of writing, Ether is currently sitting above $1,911, according to CoinMarketCap. The recent price increase may be due to a combination of factors, including increased demand for Ether as staking is slated to become more flexible and the expectation that the Federal Reserve may ease up on its quantitative tightening efforts.

Ethereum Shanghai Hard Fork to Improve Staking Flexibility and Transaction Speeds

The Ethereum Shanghai hard fork, set to occur on April 12, is expected to implement EIP-4895, allowing validators and stakers to withdraw staked ETH from the beacon chain, among other EIPs. This may have contributed to the recent price increase in Ether, as staking withdrawals are set to become easier and more flexible. Additionally, the recent increase in the price of Bitcoin may also be contributing to the price jump in Ether.

The Capella upgrade on the consensus layer client side is set to be executed shortly after the Shanghai hard fork. The consensus layer ensures that all network validators follow the smart contract and protocol rules set out in the execution layer. Some analysts and traders have suggested that the unlocking of staked Ether may create sell pressure following the upgrades, but this is currently speculation.

Ether’s price dropped sharply following the execution of The Merge on September 15, 2022, where it lost just under a quarter of its value in one week according to CoinMarketCap. Therefore, it is worth noting that the future price of Ether following the Shanghai and Capella updates is currently uncertain.

Uncertainty Surrounds Ether’s Future Price Following Upcoming Upgrades

While the recent price increase in Ether is promising, uncertainty surrounds the future price of Ether following the Shanghai and Capella upgrades, particularly as some analysts and traders suggest that staked Ether withdrawals may create sell pressure.

Disclaimer: ETHNews does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. ETHNews is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.
Godfrey Benjamin
Godfrey Benjamin
Godfrey Benjamin is an experienced crypto journalist whose primary goal is to educate everyone about the prospects of Web 3.0. His love for crypto was sparked during his time as a former banker when he recognized the clear advantages of decentralized money over traditional payments. Business Email: info@ethnews.com Phone: +49 160 92211628
RELATED ARTICLES

LATEST ARTICLES