•The Ethereum (ETH) market is poised to reach $2,000 during the upcoming Shanghai Upgrade.
•The Shanghai upgrade will be bullish for the Ethereum network in the long term, but analysts have different opinions on its short-term effects.
•Ethereum’s 10 largest non-exchange wallets now hold 3.44 times more than the 10 largest exchange wallets.
Ethereum Gearing Up For The Shanghai Upgrade
The Ethereum (ETH) market is poised to reach $2,000 during the upcoming Shanghai Upgrade. After consolidating around $1,800 for the past two weeks, the second-largest digital asset and king of smart contracts reached an eight-month high of roughly $1,942 in the past 24 hours. Despite a slight drop of around 1.39% on Thursday, ethereum was trading around $1,884 during the early London trading session.
Long Term Bullish Outlook
The Shanghai upgrade scheduled for April 12 has stirred mixed reactions within the Ethereum ecosystem. Nevertheless, it is safe to say that the Shanghai upgrade will be bullish for the Ethereum network in the long term. It will instill more confidence in the Ethereum staking and unshackling program, leading to an increase in institutional investors. Currently, around 17.9 million Ethers have been staked by about 562k validators.
Short Term Effects Debate
Despite the positive long-term outlook, analysts have different opinions on the effects of the Shanghai Upgrade in the short term. Crypto data analyst James V Straten suggests that Ethereum’s options market shows investors‘ caution about potential unlocks during this hard fork event while crypto market intelligence platform santiment On-Chain has identified that Ethereum’s 10 largest non-exchange wallets now hold 3.44 times more than what are held by 10 largest exchange wallets which could indicate a bullish sentiment towards ETH prices post hard fork event taking place on April 12th 2021 .
What To Expect?
It remains to be seen how successful this hard fork will be and what its effects on ethereum prices would be but it can surely be said confidently that it will further strengthen ETH’s position as one of top cryptocurrencies globally while also having a positive impact on DeFi projects powered by eth blockchain .
In conclusion , with all eyes set upon ethereum ahead of shanghai hard fork , there is no doubt that significant changes are likely to take place both from technological and price perspective once this upgrade goes through successfully .