Could Ethereum’s Shanghai Update Push The Price Past $2,500?


Ethereum Price

The post Could Ethereum’s Shanghai Update Push The Price Past $2,500? appeared first on Coinpedia Fintech News

The Ethereum development team has made one of the most significant announcements since the Merge in September 2022: the release of the Shanghai upgrade, which will occur on April 12, 2023.

Since the debut of the Proof-of-Stake (PoS)-based Beacon Chain, prospective validators on the new Ethereum 2.0 network have been required to lock up at least 32 ETH to join the network. The following Shanghai upgrade, though, will finally address this issue. What’s Shanghai Upgrade, and will it push the ETH price above $2500?

What Is Shanghai Upgrade?

The most significant change introduced by Shanghai is the ability for ETH staking users to withdraw their staked ETH along with any incentives they have earned. For a long time, this has been a goal of Ethereum enthusiasts and the wider crypto sphere.

The Shanghai upgrade also includes several proposals regarding the Ethereum Virtual Machine (EVM) Object Format (EOF), a software component of all EVM-compatible blockchains including over 120 operation codes that enable decentralized network programming.

Sharding data, a database-partitioning approach, will also be improved to promote scalability so that platforms can handle more transactions per second.

Hence, while the total staking balance of over 16.5 million ETH cannot be removed on the Shanghai upgrade day, the complete staking rewards of over two years, amounting to roughly 1 million ETH, will be withdrawn instantly.

Will this make Ethereum top crypto to buy in 2023?

Merge, an extensive technological update that saw the Ethereum blockchain transition from a proof-of-work to a proof-of-stake consensus mechanism, occurred a few months before the scheduled Shanghai upgrade.

Traders may recall that ether did not experience much volatility following the Merge on September 15, and they might assume that the next upgrade will also be unremarkable. Yet, many believe things might be different this time.

Unlike the Merge, which was a purely technological development with no direct economic impact, the Shanghai upgrade will alter the supply and demand of ETH throughout the near and distant future and hence is likely to have a substantial effect on the price of ETH.

Ethereum Price Predictions: The Rise Of Altcoins

Despite the impending The Merge, the price of ETH fell precipitously in the first half of 2022 as cryptocurrency markets turned negative, notably after the May 2022 devaluation of the terraUSD stablecoin (UST) and its supporting LUNA token.

The conclusion of The Merge boosted the cryptocurrency’s price, which on September 15 was trading at roughly $1,640. However, the following day saw a dramatic decline in value, and by September 16, 2022, it was worth around $1,450.

Now, As Q1 2023 comes to a close, the price of ETH has risen above $1800. Whether or whether ETH will go above $2,500 soon is an open topic in light of the current market trend and the impending upgrade. If the predictions come true, investors will see a 40% price increase, providing some relief from the market’s terrible bearish trends.

Yet, when the market begins to stabilize again, opportunities arise for leading cryptos and innovative crypto assets. For instance, the recently launched presale for DigiToads, a fascinating new ERC20 token that combines meme coin and play-to-earn token, boasts a tenfold price increase and an overall predicted rate of return of 450%.

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Final Overview: What’s the best cryptocurrency to buy now?

The Shanghai upgrade generally presents a positive outlook for Ethereum and the cryptocurrency market. Nevertheless, even if Ethereum reaches $2500 after the upgrade, the anticipated 40% growth pales compared to the guaranteed 450% return on investment from DigiToads.

As a result, industry experts are capitalizing on the current bullish market conditions by diversifying their portfolios with new ICO coins that offer greater potential for growth than well-established assets, such as the market’s second-largest cryptocurrency.

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