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Ethereum will undergo its biggest update since the merge.
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The Shanghai update will take place on April 12.
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This will likely attract the attention of the Securities and Exchange Commission (SEC).
Ethereum Prices were volatile on Monday as investors focused on the upcoming Shanghai upgrade. ETH was trading at $1,800, where it has been for the past few days. The price was down about 2.95% from this year’s high. It has jumped more than 32% from the lowest level of March.
shanghai update news
Major Catalyst Is Upcoming for Ethereum shanghai update Which is scheduled for the end of this month. For starters, it’s a major milestone for the network as it will be the biggest update since it merged with Ethereum’s Beacon Chain in 2022.
The merge helped transition Ethereum from a Proof-of-Work (PoW) network to a Proof-of-Stake (PoS) platform. As a result, instead of mining, it now relies on validators to confirm transactions in the network.
This transition introduced the concept of staking, which allows people to lock their tokens to the network and earn returns. Unlike other staking projects, Ethereum holders cannot access their staked coins.
This update will make it possible for these users to withdraw their coins. Data compiled by Staking Rewards shows that the market cap of staked Ethereum is over $32 billion. This gives it a stake ratio of 15.6%. Therefore, this upgrade is likely to increase the number of ETH coins in circulation.
Ethereum will likely be the target of the Securities and Exchange Commission (SEC), which seeks to regulate staking blockchains and companies. Last month, the agency warned Coinbase against offering these products in the US. It also settled with Kraken regarding staking.
I suspect the agency will turn its attention to the bet if it wins its lawsuit against Ripple. Analysts expect the judge overseeing the case to deliver a ruling in the second quarter of the year.
Ethereum Price Prediction
The 4H chart shows that ETH price has been trading in a tight range over the past few days. It remained well below the important $1,845 resistance point, where it has struggled to move over the past few weeks. It remains slightly above the 25-period and 50-period moving averages.
A closer look reveals that Ethereum has formed what looks like a double-top pattern with a neckline at $1,688. Therefore, there is a possibility that the coin will have a breakout in April after a great performance in March. If it does, the next key support to watch is $1,688.
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