The Price Of ETH Rises, This Is The Impact Of The Ethereum Shanghai Upgrade That You Must Know!

JAKARTA - The price of Ethereum (ETH) suddenly rose from US$1,870 (Rp27.9 million) to US$1,925 (Rp28.7 million) on April 5 yesterday, and is currently stable at US$1,909 (Rp28.5 million) per coin. The value of this cryptocurrency increased by 5 percent in the last 24 hours.

One of the factors contributing to the rise in Ethereum prices is the increasing excitement around the Shanghai upgrade that will take place on April 13. Investors have pushed the price of ETH to meet expectations as this is an important event to look forward to.

As a direct consequence of this increase, Shanghai will begin distributing significant amounts of ETH in 2020 in preparation for the Ethereum 2.0 upgrade. At the time of writing, the number of ETHs secured in Ethereum staking contracts has exceeded 17.9 million ETH, with a value of around 34 billion US dollars (IDR 507 trillion).

However, this has the potential to make the price of ETH unstable if speculators decide to withdraw their profits after three years have passed. In September 2022, after the MercE upgrade, the price of ETH increased and then fell from USD 1.790 (IDR 26.7 million) to USD 1,300 (IDR 19.4 million) as reported by Coincu.

The Impact Of The Shanghai Ethereum Upgrade

Shanghai upgrade is the code name for a series of protocol changes that will be applied to the Ethereum network on April 13, 2023. This upgrade aims to increase the scalability, security and efficiency of the Ethereum network by implementing several new features and bug fixes.

Here are some positive impacts from the implementation of the Shanghai upgrade through the Ethereum Improvement Proposal (EIP).

Shanghai's upgrade is an important step in Ethereum's development as a leading platform for the digital economy. With this upgrade, Ethereum can offer added value to users, developers, and investors.