ETH price prediction after announcement of the Shanghai upgrade testnet

After the success of the implemented Merge event, Ethereum (ETH/USD) core developers are beginning their work on the next network upgrade known as Shanghai.

Ethereum is the second largest cryptocurrency in terms of market capitalization and has become the home to a wide range of decentralized applications (dApps), Non-Fungible tokens (NFTs) and has paved the way for decentralized finance (DeFi).

The Shandong testnet launch as a catalyst for growth

In the latest Ethereum news, on October 14, 2022, the EF JavaScript Team on Twitter made an announcement surrounding the launch of an early, pre-Shanghai testnet that they dubbed “Shandong.” 

This is essentially an experimental testnet run in cooperation with EF DevOps, which activates a set of selected Shanghai-considered EIPs for early client testing.

The upcoming upgrade will introduce an elemental change to Ethereum Virtual Machine (EVM), which is the technology that powers the network’s smart contracts.

EIP-3540, or EVM object format, is one of the most anticipated updates from the community due to the fact that it separates the coding from the data.

Another expected proposal is EIP-4895, which will allow sETH and earned rewards withdrawals through the Beacon Chain. To ensure network stability, validators with sETH currently cannot withdraw the funds directly.

Should you buy Ethereum (ETH)?

On October 19, 2022, Ethereum (ETH) had a value of $1,303.60.

ETH/USD Chart by Tradingview.

The all-time high of the Ethereum (ETH) cryptocurrency was on November 10, 2021, at a value of $4,878.26. This means that at its ATH, ETH was trading $3,574.66 higher in value, or 274% higher.

When we go over the 7-day performance of the cryptocurrency, Ethereum (ETH) had its low point at $1,216.50, while its high point was at a value of $1,337.15. Here we can see an increase of $120.65 or by 10%.

However, when we take a look at the cryptocurrency’s 24-hour performance, its low point was at a value of $1,290.64, while its high point was at $1,331.83. This gives us an indication of another increase, this time by $41.19 or by 3%.

With this in mind, investors might want to buy ETH, as it can climb to $1,400 by the end of October 2022.

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