Ether soars above $2000 after successful Shapella upgrade Cryptocurrencies
Concerns about an Ether selloff following the upgrade proved unfounded as ETH tested support around $1900 in the hours preceding the upgrade, but saw very little selling pressure immediately after the 10:27 pm UTC implementation before climbing to a session high of $1927 an hour later.
Shapella’s single most significant change is that it enables validators who have staked the required minimum of 32 ETH to unstake them immediately, and anytime they choose thereafter. Zhao also said that the profiles of the existing stakers, who before Shapella were already willing to tie up their ETH indefinitely to earn rewards while supporting the blockchain, mean they will get right back in once the mechanism is confirmed.
Zhao’s thesis appears to have played out as expected, as twitter user Danko8383 pointed to short-term selling volume quickly being overwhelmed by buyers following the upgrade.— 0xDanko.eth April 13, 2023
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