Following the Launch of Shanghai Hard Fork, Ether (ETH) Passed $2,000 Price Mark

In the face of potential market disruption following the Shanghai hard fork, Ether (ETH) has impressively breached the $2,000 price mark shortly after the update was implemented.

According to the BitDegree data, Ether achieved its highest value since May 2022, surpassing the $2,000 milestone on April 13th. In particular, on May 23rd, 2022, Ether retailed for $2,043.

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This price increase came on the heels of the successful Shanghai (Shapella) upgrade, which occurred at 10:27 pm UTC on April 12th.

The Shanghai upgrade-enabled feature allows users to withdraw their staked ETH from the Beacon Chain. While the influx of new ETH into the market could have caused a price decline, Ether managed to not only reach but also maintain the price of $2,000.

During the first hour after the upgrade, 12,859 Ether was released through 4,333 withdrawals. The data from beaconcha.in revealed that almost all withdrawals were in the range of 2.8 to 3.2 ETH.

The day before the Shanghai upgrade, on-chain analytics firm Glassnode predicted that the most recent upgrade would have a minimal impact on ETH price. However, the forecast appears to be not true.

At the time of writing, Ether (ETH) retails for $2,007.61, recording a 5.77% increase in the last 24 hours.

It is worth noting that Ethereum’s price surge started over a week ago. On April 5th, ETH reached a seven-month high of over $1,900.

Despite introducing new supply through staking withdrawals, Ether has demonstrated remarkable resilience by exceeding the $2,000 threshold following the Shanghai upgrade. This development highlights the strength of the cryptocurrency even in the face of potential market shifts.

by Gile K. – Crypto Analyst, BitDegree

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• Source: https://www.bitdegree.org/crypto/news/following-the-launch-of-shanghai-hard-fork-ether-eth-passed-2-000-price-mark