JAKARTA - According to Orbit Markets analysts, the Ethereum Shanghai upgrade could bring continued Ether price volatility. It is estimated that the Ethereum Shanghai upgrade will facilitate the withdrawal of more than 16.5 million ETH at stake (staked) in blockchain.
This increase will also change ETH offerings and demand both in the short and long term, and therefore be able to have a significant impact on the price of ETH.
The increase in Shanghai is scheduled months after the Merger, which makes the Ethereum network more environmentally friendly. While the Merger is a pure technology shift without direct economic impact, Shanghai's increase will be different as it will have a significant impact on the price of ETH.
Traders who previously carried out staking could cancel staking and switch to other assets offering better returns, creating huge selling pressure at the price of ETH.
About US$25 billion (approximately RP379 trillion) in ETH cryptocurrencies will be available for withdrawal and sale, and co-founder Orbit Markets recommends buying an ETH volatility swap amid Shanghai's upgrade to profit from an anticipated price spike in price turbulence.
The Shandong testnet conducted last October is the basis for future Shanghai upgrades. In the testnet, the engineer of the DevOps Ethereum Foundation, Parithosh Jayanthi, explains that Shandong allows developers to "try the potential of the EIP to find problems." Ethereum remains the most widely used blockchain, with its origin currency ETH becoming the second largest cryptocurrency by market cap.
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