The world’s second-largest cryptocurrency Ethereum (ETH) remains above the $1,900 level as developers successfully execute the Ethereum Shanghai upgrade, also known as Shapella.

Ethereum lead development Tim Beiko confirmed the Shanghai upgrade, calling it “official”. This is a major upgrade for the Ethereum community as it allows users to withdraw their staked ETH since the launch of the Beacon chain.

According to the details, the Shanghai upgrade was activated at 22:27 UTC and completed at approximately 22:42 UTC. Nearly 30 minutes after the activation of the Shanghai upgrade, the system processed nearly 285 withdrawals in time slot 194,408, for approximately 5,413 ETH ($10 million worth).

According to Coin Metrics, nearly 1.2 million ETH tokens worth more than $2.3 billion from current price are withdrawals in the next five days. In addition, a total of $36.7 billion in Ether (ETH) is locked for staking. During the live stream of the Shanghai upgrade, Ethereum co-founder Vitalik Buterin said:

“We are at a stage where the hardest and fastest parts of the Ethereum protocol transition are basically over. There are still very important things to be done, but those very important things can safely be done at a slower pace.

He said that after the Shanghai upgrade, making transactions cheaper and faster will be the next big challenge for Ethereum developers.

Expect price volatility in Ethereum (ETH)

With the Ethereum withdrawal mechanism going live, there may be short-term fluctuations in ETH price in the near future. However, keep in mind that not all 18 million ETH wagered on the network will be available for withdrawal at once as they have put limits on this.

Some market players have previously expressed concerns that the withdrawal of ETH could cause a large surge in supply, which would put pressure on the ETH price. However, those who participated in ETH staking long ago are still underwater from the current price. So it is less likely that they would sell their ETH at the current price.

Bhushan is a FinTech enthusiast and has a good flair for understanding financial markets. His interest in economics and finance draws his attention to the new emerging Blockchain Technology and Cryptocurrency markets. He is in a continuous learning process and keeps himself motivated by sharing his acquired knowledge. In his spare time he reads thriller fiction novels and sometimes explores his culinary skills.

The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.

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