Ethereum Price Increases, Indodax Predicts Ethereum After Shanghai Upgrade

The price of Ethereum rose to IDR 25 million (photo: Indodax)

JAKARTA - Ethereum, the crypto with the second largest market capitalization after Bitcoin, has increased by more than 33 percent on Friday, February 24, when compared to the beginning of January 2023 yesterday.

Based on the Indodax market, the price of Ethereum per day at 14.00 WIB has touched IDR 25 million. On the other hand, Ethereum will hold an update called the Shanghai Upgrade in March.

Indodax CEO Oscar Darmawan said that the Shanghai Upgrade was an update related to The Merge Ethereum in September last year. After the network transitions from proof-of-work (PoW) to proof-of-stake (PoS) mechanisms, ETH token owners can get staking features. Any validator who participates in testing this PoS is staking by locking a minimum of 32 ETH. All validators continue to earn staking rewards but cannot be taken.

It is known that the Shanghai Upgrade process has gone through several stages of testing on several servers, such as the Zhejiang server which was successfully carried out, the Sepholia server on February 28, and finally the Goerli Server before the Shanghai hard fork was actually implemented on the Ethereum main net.

According to Oscar, he thinks positively about the impact of implementing the Ethereum Shanghai Upgrade later, where he says the Implementation of the Shanghai Upgrade will have a positive impact on Ethereum.

"With this upgrade, investors can see that Ethereum is a cryptocurrency that continues to grow to provide features and updates that support Ethereum's performance in the future," said Oscar in his written statement.

Furthermore, Oscar stated that later investors will see that Ethereum is indeed one of the promising cryptocurrencies not only because it is the crypto with the second largest market capitalization but the functions and updates made by the developers make this even more promising, especially for institutional investors.

With the news regarding the Shanghai Upgrade for investors, Oscar hopes that investors can take advantage of this moment and read Ethereum price movements even better.