Ethereum Trades Flat After Ethereum Shanghai Upgrade
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CORRECT (April 12, 2023, 21:10 UTC): This story previously said ETH was up since the upgrade happened and said trading was volatile; neither was actually the case.
Ethereum’s long-awaited Shanghai upgrade has been deployed, and the blockchain’s native cryptocurrency, ether (ETH), is basically unchanged after the monumental event went live.
Ether is trading around $1,914 – about where it was right before the upgrade happened – as validators unstaked tokens that had previously been locked up since Ethereum shifted to proof-of-stake last year. ETH is up 1.1% versus 24 hours earlier.
Analysts were divided on potential price action in the lead up to the upgrade, with many predicting that fresh supply would increase sell pressure while others thought it may become a psychological battle where traders punish the over-crowded short trade.
Edited by James Rubin and Nick Baker.
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Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.
Sage D. Young is a tech protocol reporter at CoinDesk. He owns a few NFTs, gold and silver, as well as BTC, ETH, LINK, AAVE, ARB, PEOPLE, DOGE, OS, and HTR.
Jocelyn Yang is a markets reporter at CoinDesk. She is a recent graduate of Emerson College’s journalism program.
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Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.
Sage D. Young is a tech protocol reporter at CoinDesk. He owns a few NFTs, gold and silver, as well as BTC, ETH, LINK, AAVE, ARB, PEOPLE, DOGE, OS, and HTR.
Jocelyn Yang is a markets reporter at CoinDesk. She is a recent graduate of Emerson College’s journalism program.
