Ethereum (ETH) Jumps 6% as Shanghai Mainnet Upgrade Date Is Announced

Ethereum’s price advanced on Friday, building upon its recovery from Wednesday’s lows of $1,613. On March 17, Ethereum reached intraday highs of $1,768 — the highest since September 2022 during the run-up to the Ethereum Merge.

At the time of writing, ETH was up nearly 6% in the last 24 hours at $1,750.

The much-anticipated Ethereum Shanghai hard fork’s mainnet date has been scheduled for April 12. Ethereum core developers agreed upon the timeline during the All Core Developers Execution Layer #157 call on March 16.

The #Ethereum main chain will undergo the Shanghai hardfork at slot 6209536, which is April 12, 2023.

Get live slot visualisation on the https://t.co/prW3YorSh6 frontpage for this highly anticipated hardfork ?

Link to slot: https://t.co/WicBeSokvx pic.twitter.com/tgYIYEujaw

— beaconchain.eth ?? (@beaconcha_in) March 16, 2023

Ethereum core developer Tim Beiko tweeted the target date as April 12 at 10:27:35 p.m. UTC, slot 620,9536.

6209536 4/12/2023, 10:27:35 PM UTC

— timbeiko.eth (@TimBeiko) March 16, 2023

This will become official once the developers vote on the date and GitHub confirms it.

Staked ETH withdrawals will be possible because of the Ethereum Shanghai and Capella upgrades, also known as «Shapella,» which complete Ethereum’s entire shift to a proof-of-stake (PoS) network.

Initially scheduled for March, the upgrade was later postponed by developers until April.

Binance announces support for ETH 2.0 staking withdrawals

Top crypto exchange Binance says it will support ETH redemptions on the ETH 2.0 staking page within a week of the function becoming available on the Ethereum network.

#Ethereum’s Shanghai Upgrade is targeted to happen on April 12.

The network will then start supporting $ETH staking withdrawals.

? Learn how #Binance will support redemptions and withdrawals. pic.twitter.com/eUCHJw3atY

— Binance (@binance) March 17, 2023

Also, after the feature is released, users who took part in ETH 2.0 staking will be able to convert BETH to ETH in a 1:1 ratio on the ETH 2.0 staking page.

The forthcoming Shapella upgrade, which is anticipated to be live on the mainnet on April 12, will begin supporting staking withdrawals for ETH.

It urges its users to keep in mind that they may be subject to a daily ETH redemption quota because of the processing constraints on the Ethereum network. It states that waiting in queues for ETH redemption might be expected.

After the Shapella upgrade is finished, Binance promises to put out another announcement with more information about ETH staking withdrawals.

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