Ethereum (ETH) is coming Shanghai upgrade allows strikers to unlock their locked ETH. While some believe that unlocking staked ETH will lead to a massive sell-off, others share a different view.
Chris Burniske took to Twitter to share why he believes Ethereum’s Shanghai update is bullish for the ETH ecosystem in the medium to long term. The upgrade gives investors more control over their funds. The increased control over investments is likely to result in improved price performance.
Burniske’s position is likely based on the idea that investor confidence is an important factor in market success. Investors have more confidence in the ecosystem when they have more control over their money.
Ethereum’s “Merge” resulted in $4 billion worth of ETH not being added to the supply
Ethereum’s last major update was the move to a Proof-of-Stake method of consensus, from a Proof-of-Work method. Now it’s been almost 200 days since the “merger” and the move has been issuing ETH in its offer. After The Merge, there is an annual decrease of 75,000 in the total amount of ether. The value of the drop is approximately $134.5 million. Had the merger never happened, an additional 2.2 million ether would have been available, which would have been valued at over $4 billion at today’s price.
Ethereum (ETH) is currently facing resistance at $1820, with support at $1777. If ETH breaks current resistance levels, it could face fresh resistance around USD 1840.
ETH is currently down 0.4% in the past 24 hours and up 2% on the weekly charts. Nevertheless, the second-largest cryptocurrency by market capitalization is still down a whopping 62.85% from its all-time high of $4,878, set in November 2021. At the time of writing, ETH was trade for $1,813.46, with no changes in the last hour.