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Nansen.ai data indicates that very little ether has been withdrawn, resulting in only a -0.5% change in staked ether.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Within eight hours of the launch of Ethereum’s Shapella, over $1.34 billion worth of ether is waiting to be withdrawn.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 Editor-in-Chief of Coinspress and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
