Ethereum Price Today: ETH Falls By 0.70% As Shanghai Upgrade Gets Delayed
The second largest crypto,
Ethereum price today dropped
by 0.70% in the last 24 hours. The market cap for Ethereum is 191.34 billion USD.
Moreover, trading volume decreases by 3.31% over the previous 24 hours. Each
ETH token is trading for 1,563 USD
, holding on to the support level of 1500.
The Shanghai upgrade which was all set to be executed by the end of March has been pushed further to April.
The launch of the Goerli testnet, which serves as a thorough dress rehearsal for the Shanghai upgrade, is currently scheduled by
to take place on or around March 14.
According to several analysts, the token unlock feature in Shanghai is expected to allow stakers to withdraw their vested tokens from
Ethereum’s proof-of-stake smart contract.
This may potentially lead to a short-term sell-off event which will make the price of ETH suffer.
However, some analysts at leading exchanges think that there would be minimal selling pressure during the upgrade, and
ETH withdrawals would be rate-limited.
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