• The upcoming Ethereum upgrade, called Shapella, scheduled for April 12, has raised questions in the cryptocurrency community about what it might mean for the second-largest cryptocurrency.
• CryptoQuant’s ETH Analysis suggests that potential selling pressure resulting from staking withdrawals after the upgrade may not be significant due to most staked ETH being at a loss and average depositors in the largest pools experiencing losses.
• Based on these findings, CryptoQuant believes that there may not be a significant drop in ETH’s price due to the Shapella update.
Upcoming Ethereum Upgrade: Shapella
The upcoming Ethereum upgrade, called Shapella, scheduled for April 12 has prompted many questions in the cryptocurrency community about its implications for the second-largest cryptocurrency.
CryptoQuant’s ETH Analysis
CryptoQuant, a company specializing in data analysis, has allayed fears by suggesting that potential selling pressure resulting from staking withdrawals after the upgrade may not be significant. This is because most staked ETH is currently at a loss and average depositors in the largest pools are also experiencing losses.
Predicted Outcome
Based on these findings, CryptoQuant believes that there may not be a significant drop in ETH’s price due to the Shapella update as market participants won’t make extreme profits when they sell their holdings at current prices.
Current Price of ETH
According to CoinMarketCap, current price of ETH is around $1,800 while staked ETH which is currently in profit is generating yields of up to 30% or less which is relatively low compared to other potential profits that can be made through Ethereum’s price volatility.
Conclusion
Overall it seems that despite some initial concerns regarding Shapella’s impact on Ethereum’s value there may not be substantial selling pressure on Ether due to this upcoming upgrade.
