Ethereum Price All Set To Hit $2K With Shanghai Upgrade Nearing

The post Ethereum Price All Set To Hit $2K With Shanghai Upgrade Nearing appeared first on Coinpedia Fintech News

The Ethereum (ETH) ecosystem is experiencing a surge in momentum as the Shanghai Upgrade approaches, scheduled for April 12th. However, the rate of staking on the beacon chain has declined, with the amount of ETH locked at around 17.9 million by about 562k validators. Nonetheless, as Ethereum stakers prepare for the Shanghai upgrade, the liquid staking program Lido DAO (LDO) has seen its activity spike.

Lido DAO: The Liquid Staking Program of Choice

The LDO price has gained as much as 10% in the past 24 hours, trading around $2.68 on Wednesday, according to the latest market data. With approximately $30 billion in total value locked (TVL), the Ethereum ecosystem has experienced sustained growth and development over the years.

Ethereum Market Outlook

For the first time since last August, Ethereum has traded above $1900, following the collapse of Terra Luna UST. On Wednesday, Ethereum exchanged around $1,914, up approximately 5% in the past 24 hours, according to our latest crypto price oracles. Some crypto analysts fear that the Shanghai upgrade will introduce a stream of selling pressure, making Ether rebound to a new falling trend.

Impact of Shanghai Upgrade on Ether

On the other hand, other crypto analysts believe the Shanghai upgrade is bullish for the Ethereum ecosystem. This group highlights that the freedom to stake and unstake Ether will attract more investors seeking secure returns. 

According to a study conducted by on-chain analytics platform Santiment, Ethereum addresses holding between 100 and 10k Ethers have accumulated about $4.24 billion in the past nine months. As a result, the bulls could push the Ether value to above $2k, where the next resistance is projected.

The Ethereum ecosystem is experiencing intense momentum ahead of the Shanghai upgrade, with Lido DAO emerging as the liquid staking program of choice. Despite a decline in the rate of staking on the beacon chain, the Ethereum ecosystem has sustained growth and development over the years, with a total value locked of approximately $30 billion. 

As the debate rages on about the impact of the Shanghai upgrade on Ether, the bulls could push the Ether value to above $2k, where the next resistance is projected.