{"id":525786,"date":"2023-04-05T19:18:38","date_gmt":"2023-04-05T19:18:38","guid":{"rendered":"https:\/\/uniquehot.com\/?p=525786"},"modified":"2023-04-05T19:18:38","modified_gmt":"2023-04-05T19:18:38","slug":"will-ethereum-eth-shapella-upgrade-trigger-sell-off-or-bull-run","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/ethereum\/will-ethereum-eth-shapella-upgrade-trigger-sell-off-or-bull-run\/","title":{"rendered":"Will Ethereum’s (ETH) Shapella Upgrade Trigger A Sell-Off Or Bull Run?"},"content":{"rendered":"

The upcoming Shapella upgrade for Ethereum (ETH) is set to introduce several new features to the network, including the ability for users to withdraw their staked ether. While this is a new milestone for Ethereum users, there is some concern about whether it can lead to a sell-off and potentially result in a decline in Ethereum\u2019s price action.\u00a0<\/span><\/p>\n

Related Reading: Whale Accumulates 229 Billion Shiba Inu Tokens, What\u2019s Next?<\/a><\/div>\n

Significant Market Activity Ahead Of The New Upgrade For ETH<\/b><\/h2>\n

As Ethereum’s Shapella upgrade approaches, investors are speculating about the potential impact on Ethereum’s price action and the timing of the anticipated bull run. One area of concern is the ability for users to withdraw staked ether, which could lead to a decrease in demand for the cryptocurrency and trigger a drop in its value.<\/span><\/p>\n

The uncertainty around how many users will take advantage of this new feature and how much ether will be withdrawn from the network adds to the concern.\u00a0<\/span><\/p>\n

A recent <\/span>report <\/span><\/a>by the formerly known Arcane Research, now K33 research firm, suggests that the upcoming Shapella upgrade for Ethereum could lead to the sale of around 1.3 million ETH, with a total value of approximately $2.4 billion.<\/span><\/p>\n

Most of this is expected from reward withdrawals, with an estimated 1.1 million ETH being sold. Additionally, the report suggests that around 158,000 ETH could be sold as part of the bankruptcy proceedings for collapsed crypto lending platform Celsius. This could put downward pressure on ETH\u2019s price, particularly if they are sold in large quantities.\u00a0<\/span><\/p>\n

Furthermore, <\/span>according <\/span><\/a>to Satoshi Club, another factor contributing to the potential sell-off is the recent Wells Notice received by the cryptocurrency exchange Kraken. The notice requires Kraken to comply with US securities laws and regulations, which could result in the exchange unstaking all ETH held by US investors.\u00a0<\/span><\/p>\n

Will ETH\u2019s Support Levels Hold A Potential Sell-Off?<\/b><\/h3>\n

While the report suggests that the upcoming upgrade for Ethereum could lead to the sale of approximately 1.3 million ETH, some factors may mitigate the potential impact on the market, according to Satoshi Club.\u00a0<\/span><\/p>\n

The estimated 1.3 million ETH represents only around 20% of ETH’s average daily trading volume. This means that the selling pressure will not likely overwhelm the market, and buyers will have the opportunity to match the volume of ETH sold.\u00a0<\/span><\/p>\n

Furthermore, withdrawing staked ether is not instantaneous and can take 5 to 6 days to complete. This means the selling pressure will likely spread over several days. This can help to prevent sharp price drops and allow the market to adjust to the increased supply of ETH.\u00a0<\/span><\/p>\n

Additionally, according to Satoshi Club, Mac Eberhardt, an analyst at Saxo Bank, has suggested that most of the stakers are long-term investors committed to the Ethereum Network and its future growth. <\/span>This means that they are unlikely to sell their holdings in response to short-term market fluctuations or the ability to withdraw staked ether.<\/span><\/p>\n

As of this writing, Ethereum’s price continues to show strength, trading at $1,890 with a 1.4% gain in the last 24 hours. In extreme selling pressure, the $1,830 level could serve as a threshold for ETH, potentially preventing a significant drop in value. Additionally, a consolidation above the $1,900 level may help to mitigate the selling pressure ahead of the Shappella upgrade.<\/span><\/p>\n

Related Reading: Bearish Signal? Whale Transfers Over 70,000 ETH To Exchange<\/a><\/div>\n
\"ETH\"<\/a>
ETH continues its rally on the 1-day chart. Source: ETHUSDT on TradingView.com<\/a><\/figcaption><\/figure>\n

Featured image from Unsplash, chart from TradingView.com\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The upcoming Shapella upgrade for Ethereum (ETH) is set to introduce several new features to the network, including the ability for users to withdraw their staked ether. While this is a new milestone for Ethereum users, there is some concern about whether it can lead to a sell-off and potentially result in a decline in Ethereum\u2019s price action.\u00a0 Related Reading: Whale Accumulates 229 Billion Shiba Inu Tokens, What\u2019s Next? Significant Market Activity Ahead Of The New Upgrade For ETH As Ethereum’s Shapella upgrade approaches, investors are speculating about the potential impact on Ethereum’s price action and the timing of the anticipated bull run. One area of concern is the ability for users to withdraw staked ether, which could lead to a decrease in demand for the cryptocurrency and trigger a drop in its value. The uncertainty around how many users will take advantage of this new feature and how much ether will be withdrawn from the network adds to the concern.\u00a0 A recent report by the formerly known Arcane Research, now K33 research firm, suggests that the upcoming Shapella upgrade for Ethereum could lead to the sale of around 1.3 million ETH, with a total value of approximately $2.4 billion. Most of this is expected from reward withdrawals, with an estimated 1.1 million ETH being sold. Additionally, the report suggests that around 158,000 ETH could be sold as part of the bankruptcy proceedings for collapsed crypto lending platform Celsius. This could put downward pressure on ETH\u2019s price, particularly if they are sold in large quantities.\u00a0 Furthermore, according to Satoshi Club, another factor contributing to the potential sell-off is the recent Wells Notice received by the cryptocurrency exchange Kraken. The notice requires Kraken to comply with US securities laws and regulations, which could result in the exchange unstaking all ETH held by US investors.\u00a0 Will ETH\u2019s Support Levels Hold A Potential Sell-Off? While the report suggests that the upcoming upgrade for Ethereum could lead to the sale of approximately 1.3 million ETH, some factors may mitigate the potential impact on the market, according to Satoshi Club.\u00a0 The estimated 1.3 million ETH represents only around 20% of ETH’s average daily trading volume. This means that the selling pressure will not likely overwhelm the market, and buyers will have the opportunity to match the volume of ETH sold.\u00a0 Furthermore, withdrawing staked ether is not instantaneous and can take 5 to 6 days to complete. This means the selling pressure will likely spread over several days. This can help to prevent sharp price drops and allow the market to adjust to the increased supply of ETH.\u00a0 Additionally, according to Satoshi Club, Mac Eberhardt, an analyst at Saxo Bank, has suggested that most of the stakers are long-term investors committed to the Ethereum Network and its future growth. This means that they are unlikely to sell their holdings in response to short-term market fluctuations or the ability to withdraw staked ether. As of this writing, Ethereum’s price continues to show strength, trading at $1,890 with a 1.4% gain in the last 24 hours. In extreme selling pressure, the $1,830 level could serve as a threshold for ETH, potentially preventing a significant drop in value. Additionally, a consolidation above the $1,900 level may help to mitigate the selling pressure ahead of the Shappella upgrade. Related Reading: Bearish Signal? Whale Transfers Over 70,000 ETH To Exchange Featured image from Unsplash, chart from TradingView.com\u00a0<\/p>\n","protected":false},"author":589,"featured_media":525787,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[6664,1558,1946,6653,78803],"class_list":["post-525786","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-crypto","tag-cryptocurrency","tag-ethereum","tag-ethereum-price-analysis","tag-ethusdt"],"acf":[],"yoast_head":"\nWill Ethereum's (ETH) Shapella Upgrade Trigger A Sell-Off Or Bull Run?<\/title>\n<meta name=\"description\" content=\"The upcoming Shapella upgrade for ETH is concerning investors about whether it can lead to a sell-off and potentially result in a decline\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies. Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology. Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry. One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision. Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities. Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth. However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape. Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge. With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. 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