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Ethereum Surges to $2,000 After Shapella Upgrade Went Live

Ethereum Surges to $2,000 After Shapella Upgrade Went Live

Ethereum (ETH) reached a major milestone breaking through the $2,000 barrier, which is a 11-month high.

Shapella upgrade officially went live yesterday, and 17,455,142 ETH will be available for withdrawal.

For the first time since staking went live 28 months ago, ETH stakers who are responsible for securing the Ethereum blockchain can now withdraw their cryptocurrency from the Beacon Chain.

However, the withdrawal process is expected to take several days due to the high demand and limited block space.

According to Glassnode, Ethereum’s developers have implemented a limit on the number of tokens which validators are allowed to withdraw each day, which is equal to 57,600 ETH or less than 0.05% of Ethereum’s total supply.

According to on-chain data, Kraken is leading the exit queue breakdown, with 62% of validators moving to unstake. As of now, more than 21,652 validators are in the exit queue, according to Parsec Finance.

READ MORE: Bitcoin: The New Gold Standard for Economic Downturns?

Nansen.ai data indicates that very little ether has been withdrawn, resulting in only a -0.5% change in staked ether.

Approximately 4.35 million ether, or roughly 24%, is staked at a price point above $3,000, a level that has not been seen since April 2022.

Within eight hours of the launch of Ethereum’s Shapella, over $1.34 billion worth of ether is waiting to be withdrawn.

At the time of writing, ETH is up 6.3% in the past 24 hours and has a trading volume of around $13.94 billion.

The 1-day technical analysis from TradingView is showing a rather bullish santiment with the summary and moving averages pointing to “strong buy” with 17 and 14 signals, respectively. Oscillators are showing “buy” at 3.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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