Ethereum Price Prediction as Shanghai Upgrade Goes Live – Will ETH Dump by Withdrawals?
The price of Ethereum (ETH) has risen by 6% in the past 24 hours, with the successful rollout of the Shanghai upgrade pushing the altcoin to $1,984.
This level represents an 18% gain for ETH in the last 30 days and a 65% gain since the beginning of the year, although some commentators suspect that the opening of staking withdrawals could result in an increase selling pressure for the altcoin.
That said, daily limits on withdrawals will prevent any injection of additional ETH into the market from being too large and from happening at once, meaning that price falls could be minimal.
And with the successful introduction of withdrawals likely serving to make ETH staking seem more attractive to retail and institutional investors alike, Shanghai's completion could end up being very bullish for Ethereum.
That ETH has risen in response to Shanghai (rather than fallen) is a very good sign, and the coin's chart reflects such positivity.
Most notably, ETH's relative strength index (purple) has shot above 70 in the past few hours, indicating some very strong -- and ongoing -- momentum.
At the same time, its 30-day moving average continues to rise above its 200-day average (blue), suggesting that ETH is having a breakout rally at the moment.
A key resistance level in this context is undoubtedly $2,000, which could signal further consolidated gains if ETH manages to break it in a convincing manner.
Given that Ethereum's Shanghai upgrade has successfully gone live, this is now a real possibility, with the update's successful completion feeding bullishness among investors.
Despite the relative smoothness with which this update has been rolled out, some people are suggesting that Shanghai may now trigger an ETH selloff, given that it effectively
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