The price of ether (ETH) has risen above the $1,900 region for the first time in eight months as the blockchain network upgrade in Shanghai nears. ETH is up more than 7% in seven days.
Ethereum, the second largest blockchain-powered cryptocurrency in the world by market capitalization, has emerged as one of this week’s top gainers. The leading smart contract network is preparing for the highly anticipated Shapella update (Shanghai Update).
At press time, ETH is changing hands for $1,913, with a trading volume of $13 billion. It represents an increase of 5.1% in the last 24 hours. In the last 30 days, ETH has witnessed a 22.3% price increase.
Despite strong bullish momentum, the Ethereum price is still down more than 60% from its all-time high (ATH) of $4,878.26, reached during the crypto summer of November 2021, according to CoinGecko.
Scheduled to go live on April 12, 2023, the Shanghai update is expected to enable the withdrawal of staked ether.
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The Shappela upgrade will also usher in many improvements to the world’s largest smart contract blockchain, including the implementation of the Ethereum Improvement Proposal (EIP-1559) for a gas fee reduction, better scalability and speed.
