Ethereum (ETH) rallied above $2,100 for the first time since May 2022, continuing its largely positive price performance after the Shappella update.
Ether is up more than 10% in the last 24 hours, first breaking above the $2000 level before rising as high as 2126, a high for 2023, according to CryptoSlate data.
The positive price movement goes against the predictions of several crypto analysts who believed that the Shanghai update would increase the selling pressure on ETH.
Shappella upgrade propels ETH forward
FxPro Senior Market Analyst Alex Kuptsikevich noted this in a statement emailed to CryptoSlate. According to Kuptsikevich, the Shappella update “did not put pressure on the ETH exchange rate, but instead accelerated the uptrend.”
Kuptsikevich added:
“Successful activation of the Shapella hard fork triggered the rally.”
CryptoQuant’s head of research Julio Moreno further highlighted the current bullish sentiments surrounding ETH. Moreno said that cryptocurrency traders have increased their long positions on ETH considerably following the Shappella update.
Moreno pointed out that orinterest pen (in the ETH number) shot up to the highest level since January.
Glassnode’s data bears this out, adding what ETH is ffutures contractspen interest it peaked 17 months after the update.
Meanwhile, Ether is up 75% in year-to-date metrics, according to CryptoSlate data.
$2.3B worth of ETH pending withdrawal
Data of token unlocks showed that validators had withdrawn more than 265,000 Ethereum at press time.
The data further shows that the total amount of pending ether withdrawals is 1.10 million coins, which is equivalent to $2.33 billion.
Meanwhile, blockchain analytics firm Nansen reported that Kraken tops the list of entities hoping to withdraw their assets. The US-based crypto exchange accounts for about 63% of the total ETH mineable.
However, the liquid staking platform Lido accounts for more than 56% of ETH withdrawn at press time.
Post-Shappella Update Pushes Ethereum Above $2,100 Appeared First on CryptoSlate.
