-AD-
-AD-
HomeNewsEthereum's Shanghai upgrade will drive ETH price to $3,000 as 16M ETH...

Ethereum’s Shanghai upgrade will drive ETH price to $3,000 as 16M ETH will get unlocked

- Advertisement -
  • Ethereum’s upcoming Shanghai upgrade will allow stakers to unlock their locked ETH, sparking debate on whether it will lead to a massive sell-off or improve price performance.
  • Chris Burniske believes that the upgrade is bullish for the ETH ecosystem in the mid to long term as it gives investors more control over their funds, leading to increased investor confidence.

Ethereum’s upcoming Shanghai upgrade is a hot topic in the crypto community as it will allow stakers to unlock their locked ETH. While some fear that this may lead to a massive sell-off, others share a different point of view. Chris Burniske, a well-known crypto investor, recently took to Twitter to share his bullish perspective on the upgrade’s potential to improve the ETH ecosystem in the mid to long term.

Burniske believes that the Shanghai upgrade will give investors more control over their funds, leading to increased investor confidence and improved price performance. This viewpoint is based on the idea that investor confidence is a significant factor in market success. Investors are more likely to have faith in the ecosystem when they have more control over their money.

However, not everyone is convinced that the Shanghai upgrade will be positive for the ETH ecosystem. Some believe that the unlock of staked ETH may lead to a massive sell-off, negatively affecting the market. The debate continues as the crypto community eagerly awaits the results of the upgrade.

In other Ethereum news, the recent “Merge” to a Proof-of-Stake method of consensus has led to a decline in the total quantity of ether in circulation. After the Merge, there has been a 75,000 annual decline in the total quantity of ether, valued at about $134.5 million. If the Merge had never taken place, there would have been an additional 2.2 million ether available, valued at over $4 billion at the current price point.

Currently, Ethereum (ETH) is facing resistance at $1820, with support at $1777. If ETH breaks current resistance levels, it may face fresh resistance around $1840. ETH is currently down 0.4% in the last 24 hours, and up by 2% in the weekly charts. However, the second-largest cryptocurrency by market cap is still down 62.85% from its all-time high of $4,878 in November 2021. At press time, ETH was trading at $1,813.46, with no changes in the last hour.

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