Ethereum Trades Flat After Ethereum Shanghai Upgrade

Ethereum’s long-awaited Shanghai upgrade has been deployed. Traders have responded cautiously and unfazed as the price of ether trades flat, increasing 1% after the upgrade went live.

Ether currently is trading at $1,919.24 as validators unstaked tokens that had previously been locked up since Ethereum shifted to proof-of-stake last year.

More than 2,800 net ether was sent to exchanges on April 12, according to data from CryptoQuant, whilst trading volumes remained relatively stable, per CoinGecko.

Analysts were divided on potential price action in the lead up to the upgrade, with many predicting that fresh supply would increase sell pressure whilst others thought it may become a psychological battle where traders punish the over-crowded short trade.

Trading remains volatile following the event, liquid staking tokens like Lido and Rocketpool also experienced minimal volatility with both tokens being down roughly 1% in the past 24 hours, respectively.

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