Ethereum Shanghai Upgrade Failed to Spike ETH Price
- Ethereum is trading at around $1,914, approximately where it was before the update.
- ETH has increased by 2.57% in the past 24 hours.
After Ethereum’s long-awaited Shanghai update, the native cryptocurrency of the blockchain, ether (ETH), has mostly remained untouched. By enabling previously inaccessible staked ETH withdrawable, the upgrade completed Ethereum’s transition to a proof of stake network.
This switch to proof of stake is important because users stake ETH with the network to confirm on-chain transactions and are compensated for their involvement with freshly created ETH.
As per reports, analysts had different points of view about the possible price movement leading up to the upgrade. Some anticipated that new supply would enhance sell pressure, while others believed that it would turn into a psychological conflict where traders punish the overly active short trade.
ETH is currently trading at around $1,914, approximately where it was before the update. With a 24-hour trading volume of $11,068,850,045, ETH has increased by 2.57% in the past 24 hours as per CoinMarketcap.
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Read more: https://thenewscrypto.com/ethereum-shanghai-upgrade-failed-to-spike-eth-price/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
