Ethereum shifted to a proof-of-stake network past year, which is called Merge. It is one of the biggest news in the crypto world currently. Crypto investors and businesses are looking forward to the next upgrade of Ethereum. The upgrade will possibly take place in March, known as Shanghai hard fork. This will offer participants of Ethereum to unlock ETH, which the investors or members have staked. This stake was inaccessible for a long time in recent months.
The announcement of the Shanghai hard fork happened in December. However, the crypto industry wasn’t doing well then, so the news wasn’t given much attention. The fall of Sam Bankman and the FTX exchange also happened, which increased the news of distress in the industry instead of signifying a positive impact. Now with the dawn of the sun of a new year, crypto investors are looking forward to new developments. They are highly focused on Ethereum and the following big news that it can provide. The current value of Ethereum went up by 12% in 2023, which made its valuation around $1410. This also brought different governance tokens into the picture. This also includes Lido DAO going up by 53% in one week. Then, in the past 30 days, it went up by 92%.
As per Thomas Kralow, a crypto trader, the ETH market will see a downward shift for a short time as it will be tough to balance the unstacked ETH supply. He mentioned that April is the taxation deadline which will increase the sales and won’t be in favor of ETH. However, he also mentioned that the downward shift wouldn’t be more than 15-20%. Similarly, Kunal Goel, the research analyst of Messari, said that the staked ETH amount would rise after Shanghai. He also indicated the position of ETH in the lowest staking ratio cryptocurrencies if we see its value compared to other major proof-of-stake chains.
