Ethereum’s Next Big Upgrade Slated For 2023 — Here’s why It’s Super Bullish For ETH

Ethereum’s Next Big Upgrade Slated For 2023 — Here’s why It’s Super Bullish For ETH

The coming year is already looking bullish for Ethereum and its native token, Ether, as the next upgrade, “Shanghai,” is set to kick off in the third quarter of 2023.

Ethereum looks promising in the near term

Ethereum (ETH) might benefit significantly in price, as the upgrade will likely come with significant prospects. 

The “Shanghai” upgrade will allow stakers on the network to easily withdraw their coins. The withdrawal process will be designed to reduce the potential impact that withdrawals can have on market prices.

As noted by Weiss Crypto Ratings, 

“When Shanghai opens the doors to flexible trading, we believe a whole new crop of investors will likely want in, once they know they can get out anytime while staking in a non-custodial manner.”

Additionally, the upgrade which introduces EIP-4488 is also set up to make transactions significantly cheaper through Layer-2 scalable networks designed for those functions.

Weiss explains that “fees are expected to be 1% even lesser than corresponding transactions on Ethereum’s base layer.”

The announcement comes after Ethereum’s founder, Vitalik Buterin, put out an updated roadmap for the network’s upgrades.

As was previously reported, Earlier this month, co-founder of Ethereum, Vitalik Buterin, introduced a new development milestone in the Ethereum blockchain’s roadmap called “the Scourge” that will focus on ameliorating the censorship of transactions and an exploitative bot-driven trading practice known as maximal extractable value (MEV).

Meanwhile, the price of Ether (ETH), the native token of the blockchain, has continued to trade with wild volatility. ETH is trading at around $1,205, down 3.5% in the last 24 hours at the time of writing, per data from CoinMarketCap. The crypto asset is down about 4.7% and 66.1% in the one-week and year-to-date time frames, respectively. 

However, analysts have noted that whales have continued to buy up ETH despite the price slump. According to data highlighted by crypto market intelligence platform Santiment, all tiers of investors, including small, medium, and large traders, have been increasing their percentage of ETH supply held since late October.

In the case of sharks and whales—wallets that hold between 100 to 1M ETH—a sizable accumulation spike was noted during a 24-hours period last week in which they added a combined 657,390 ETH to their holding.

Share:

Share on facebook
Facebook
Share on twitter
Twitter
Share on pinterest
Pinterest
Share on linkedin
LinkedIn
On Key

Related Posts

Promoting Bitcoin Could Damage The Reputation Of Banks, ECB Warns

The European Central Bank has cautioned banks against promoting Bitcoin investments, arguing that the cryptocurrency’s apparent calm will likely pan out, plunging prices lower. In a Wednesday blog dubbed “Bitcoin’s Last Stand” by Ulrich Bindseil and Jürgen Schaaf, the director general and advisor of the ECB of the institution noted that banks risked incurring long-term

Bitcoin, Ether Not Securities Because They Have No Issuer: Belgium Regulator

The regulator of the European country said cryptocurrencies issued by computer codes are not considered securities. Brussels is neutral to blockchain technology, a stark contrast to the US. Brussels’ financial authority has clarified that cryptocurrencies without an issuer cannot be classified as securities. The Financial Services and Markets Authority (FSMA) announced that digital assets issued

Over 10K Bitcoin (BTC) Moved To Crypto Exchange, Are Miners Selling?

Bitcoin price rallied after Fed Chair Jerome Powell hinted at slower rate hikes in December and upcoming sessions. The BTC price hit a high of $17,194 with an over 200% jump in trading volume. On-chain data indicates that miners facing financial issues are indeed selling their Bitcoin holdings, with Bitcoin hashrate decreasing continuously due to