Shappella upgrade propels Ethereum above $2,100

Ethereum (ETH) rallied supra $2,100 for the archetypal clip since May 2022, continuing its mostly affirmative terms show post-Shappella upgrade.

Ether roseate by much than 10% successful the past 24 hours, archetypal breaching the $2000 level earlier rallying to arsenic precocious arsenic 2,126 — a precocious for 2023 — according to CryptoSlate data.

The affirmative terms question goes against respective crypto analysts’ predictions who believed the Shanghai upgrade would summation the selling unit connected ETH.

Shappella upgrade propels ETH forward

FxPro elder marketplace expert Alex Kuptsikevich pointed this retired successful an emailed connection to CryptoSlate. According to Kuptsikevich, the Shappella upgrade “did not unit the ETH speech complaint but accelerated the upward trend.”

Kuptsikevich added:

“The palmy activation of the Shapella hard fork triggered the rally.”

The caput of probe astatine CryptoQuant, Julio Moreno, further highlighted the existent bullish sentiments surrounding ETH. Moreno said crypto traders person powerfully accrued their agelong positions successful ETH pursuing the Shappella upgrade.

Source: CryptoQuant

Moreno noted that open Interest (in the fig of ETH) spiked to the biggest level since January.

Glassnode’s information corroborates this, adding that ETH’s futures contracts open interest reached a 17-month precocious pursuing the upgrade.

Meanwhile, Ether is up 75% connected the year-to-date metrics, according to CryptoSlate data.

$2.3B worthy of ETH pending withdrawal

Data from Token Unlocks showed validators had withdrawn implicit 265,000 Ethereum astatine the clip of press.

The information further shows that the full magnitude of ether pending withdrawals is 1.10 cardinal coins — equating to $2.33 billion.

Source: Token Unlock

Meanwhile, blockchain analytical steadfast Nansen reported that Kraken tops the database of entities waiting to retreat their assets. The U.S.-based crypto speech accounts for astir 63% of the full ETH withdrawable.

However, liquid staking level Lido makes up implicit 56% of withdrawn ETH arsenic of property time.

The station Shappella upgrade propels Ethereum supra $2,100 appeared archetypal connected CryptoSlate.