Ethereum (ETH) Surges Past $1,900 Ahead of Shanghai Upgrade
Ethereum (ETH), the world’s second-largest cryptocurrency, has seen a significant surge, reaching $1,925 on the morning of April 5.
Ethereum (ETH) Surges Past $1,900 Ahead of Shanghai Upgrade
On April 5, Ethereum (ETH) experienced a sharp spike, climbing from $1,870 to $1,925, and is currently stabilizing around $1,909. The cryptocurrency has gained $90, or 5%, in the past 24 hours.
The bullish momentum for ETH is partly fueled by the excitement surrounding the upcoming Shanghai upgrade, scheduled for April 13. As a major and highly anticipated event, the Shanghai upgrade has driven ETH prices up to meet investor expectations.
The Shanghai upgrade will unlock a significant amount of ETH that has been staked in preparation for Ethereum 2.0 since 2020. As of this writing, over 17.9 million ETH, worth approximately $34 billion, remain locked in Ethereum’s staking contract.
Given this context, ETH's price is expected to be highly volatile as stakers may decide to take profits after three years. A similar scenario occurred following The Merge in September 2022, where ETH’s price surged before the upgrade, only to plummet from $1,790 pre-Merge to $1,300 post-Merge.
Investors are advised to remain cautious with potential price fluctuations during this sensitive period.
For those with staked assets on Ethereum, Coin68 has published a detailed guide on the unlocking schedule for ETH.
Additionally, for a comprehensive overview of Ethereum’s technological updates, readers can refer to the following resources.
