On April 5, the price of Ethereum (ETH) experienced a sudden candle that ascended from $1,870 to $1,925, and it is currently holding stable at $1,909. The value of the cryptocurrency has increased by $90, or 5%, over the course of the previous twenty-four hours.
The increasing excitement that has surrounded the Shanghai upgrade, which is going to take place on April 13, is one of the factors that has contributed to the increase in the price of Ethereum. Investors have pushed up the price of ETH to meet expectations because this is a significant event that has a high level of anticipation surrounding it.
As a direct consequence of this, Shanghai will start distributing a significant quantity of staking ETH in 2020 in preparation for the Ethereum 2.0 upgrade. As of the time this article was written, the amount of ETH that was safeguarded in the Ethereum staking contract had transcended 17.9 million ETH, which has a worth of approximately $34 billion.
As a consequence of this, the next price of ETH will almost certainly be volatile if speculators decide to cash out their earnings after three years have passed. In point of fact, in September 2022, when referring to The Merge, the price of ETH was driven up, and then it “fell into the abyss” after the upgrade took place, falling from $1,790 to $0. This occurred after the price had been driven up. The price of The Merge had been lowered to 1,300 USD originally.
As a consequence of this, purchasers should continue to exercise extreme caution in the face of uncommon price fluctuations during this crucial moment.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Chubbi
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