Ethereum (ETH) jumps after Shapella activation

Ethereum won more than 10%. à 2100$ after his update while some observers were afraid of ETH withdrawals in mass and a potential drop from course of the cryptocurrency.

The runner-up of the Ethereum market has successfully completed its migration to the proof-of-stake following the deployment of the update Shapella, also called Shanghai, on Thursday night.

The upgradewhich now offers the possibility to remove ethers previously placed in staking, worried a number of analysts, who believed that network validators would withdraw and sell digital coins in significant quantities.

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But according to data provided by Nansen, the number of ETH staked has so far decreased by only ” about 130,000 ethers. In reality, more tokens were withdrawn but at the same time large deposits were madeas can be seen in the graph below.

Nansen eth staking

Source : Nansen

The good progress of Shapella and the demand in terms ofunstaking lower than expected thus seem to have propelled the cryptocurrency’s price higher. Since the arrival of the MaJ, Ethereum has gained more than 10% and exceeded 2,100 dollarsa price level that ether had not reached since May 2022.

ETH price 14 04 23

Ethereum (ETH) 24 hour exchange rate – Messari

What we see is a combination of a general liquidity-related rally and a lagging catch-up. ETH has notably underperformed BTC so far this year, with Shapella uncertainty keeping traders on the sidelines. Now that Shapella has gone off without a hitch and has not produced a sell-the-news event, traders have confidence to enter the market,” commented Noelle Acheson, analyst for the Crypto Is Macro Now newsletter.

At the same time, the entire crypto market is in the green With Bitcoin up 2.2% over 24 hours to around $30,750. DOGE and ADA are posting notable gains and are up 8.5 and 8 percent respectively.

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Investors should now continue to monitor the volume of stalled ether withdrawalswhich are subject to limitations. The giant Binance indicated yesterday that it would allow its customers to withdraw ETH from its staking program starting next Wednesday.

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