Ahead of Ethereum Shanghai Upgrade, ETH Reaches Huge Milestone

Ethereum Shanghai Upgrade: While Ethereum (ETH) price continues to follow an upward curve since the onset of 2023, the community is looking forward to the Shanghai upgrade. The developers have recently dropped the news of preparedness for the upgrade’s launch in March. The upgrade will mean that the staked Ethereum will be open for withdrawals. Meanwhile, the number of staked ETH hit a major milestone on Monday, along with the number of active Ethereum validators.

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In this context, the Lido DAO token (LIDO) price saw huge gains in the recent past. The Ethereum liquid staking protocol benefitted with the anticipation around Shanghai upgrade. Compared to the $1 price range it maintained until the end of 2022, LIDO had recently doubled to around $2.10 currently.

Ethereum Active Validators At Half A Million

Ahead of the Shanghai upgrade, the ETH staked reached a major milestone. Ethereum had hit 500,000 validators whereas the total ETH staked reached 16 million figure. While the recent price recovery in the crypto market translated into rise in ETH price, the cryptocurrency could be in for further rise ahead of the upgrade. As of writing, ETH price stands at $1,544, up 0.70% in the last 24 hours, according to CoinGape price tracker.

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Meanwhile, technical indicators suggest that the next level of price resistance for ETH could be found at $1,650. In the current rally seen since the New Year’s, the coin rose to a high of $1,573. While the previous resistance of $1,500 has been broken, it remains to be seen how long the cryptocurrency will take to breach the next resistance level. In the lead up to the Shanghai upgrade, it appears there is high chance of ETH breaking the resistance level.

Anvesh reports major developments around crypto adoption and trading opportunities. Having been associated with the industry since 2016, he is now a strong advocate of decentralized technologies. Anvesh is currently based in India. Follow Anvesh on Twitter at @AnveshReddyBTC and reach him out at [email protected]