Ether price closes in on $2k following the Shanghai upgrade

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key takeaways

  • The Ethereum network completed the Shanghai upgrade on Wednesday, allowing users to unstake their ETH coins.

  • ETH is up over 6% in the last 24 hours and is now trading near the $2k level for the first time this year.

  • Ether is outperforming other major cryptocurrencies.

Ethereum network completes Shanghai upgrade

The Ethereum network has completed its long-awaited Shanghai upgrade, ushering in the era of withdrawals on the blockchain.

The Shanghai hard fork was completed at 22:27 UTC and finalized at approximately 22:42 UTC. The Ethereum community regards the upgrade as a major milestone as it completes the migration to Ethereum’s Proof-of-Stake protocol.

Thanks to the Shanghai upgrade, Ethereum users can now unstake their ETH coins on the blockchain. During the Shepela mainnet watch party hosted by Ethereum Cat Herders, Ethereum blockchain co-founder Vitalik Buterin revealed that the most difficult and fastest parts of the transition to the Ethereum protocol are basically over.

He added that the Ethereum network will now focus on scaling (enabling faster transactions) after this upgrade. Buterin said that;

“If we don’t fix scaling before the next bull run, we know people will be stuck paying $500 a transaction. If, on the other hand, we don’t have werkle trees before the next bull run, things will Might be worthless, but you know, it’s a pretty minor problem compared to a $500 transaction, isn’t it?”

Ether closes at $2k psychological level

Ether, the native coin of the Ethereum network, is rallying after the Shanghai upgrade. ETH is up over 6% in the last 24 hours and is closing at the $2k level.

at press time, ethereum price Standing at $1,983, the highest since August 2022. Technical indicators suggest that ETH could rally higher in the near term.

The MACD lines are within the positive zone, indicating that the bulls are currently in charge of the Ethereum market. An RSI of 74 also shows that Ether could enter the oversold zone in the near term.

If the bullish trend continues, ETH could surpass the $2,031 resistance in the coming hours. In the event of an extended rally, ETH could trade above the $2,160 level for the first time since May 2022.

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