Ethereum is expected to continue to perform well until the end of April: Coinbase | coindesk JAPAN | Coindesk Japan

In its April 14th research report, Coinbase said Ethereum (ETH) price was resilient after last week’s “Shanghai” upgrade (aka Chapera).

A successful upgrade to the Ethereum blockchain has pushed ETH’s price higher than expected, and Coinbase says this could continue until the end of April.

The “Shanghai” upgrade allows validators to withdraw their staked ETH and locked rewards. Also, within 24 hours of being able to withdraw, the supply of Ethereum was reportedly limited for various reasons.

Ethereum price chart (CoinDesk)

Analysts David Duong and Brian Cubellis said the reason for the rise in ETH is, firstly, “Most of the addresses that received some withdrawals used the rewards they received. Currently, approximately 70% of addresses properly set the withdrawal credential prefix to 0x01. Secondly, although all withdrawals are also processed, the impact on the market is That’s partly offset by “a healthy number of new entrants in the data entry queue.”

Another reason for Ethereum’s rise is ETH’s relative underperformance against Bitcoin (BTC) this year, leaving plenty of room for a post-Shanghai rally, the report adds.

Coinbase says it is seeing a shift from Bitcoin to Ethereum due to this relative underperformance.

The macro environment has also encouraged risk-taking for the foreseeable future, which could also support the price of Ethereum.

｜Translation: coindesk JAPAN
｜Editing: Toshihiko Inoue
| Image: CoinDesk
｜Original: Ether’s Strong Price Action May Continue Until the End of the Month: Coinbase