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The highly anticipated Shanghai upgrade of Ethereum has now been implemented, yet the blockchain's primary digital currency, ether (ETH), has remained relatively stable despite the significant milestone.
Ether is currently hovering around $1,914, which is roughly the same price as before the upgrade was implemented. This is due to validators unstaking tokens that had been locked up since Ethereum's transition to proof-of-stake in the previous year. As of 24 hours ago, ETH has seen a modest increase of 1.1%.
Ahead of the upgrade, analysts had mixed opinions on the potential price movements of Ethereum. Some anticipated that the introduction of fresh supply would result in a rise in sell pressure, while others believed that it could turn into a psychological battle in which traders penalize those who hold an overcrowded short position.
Brent Xu, the CEO of cross-chain decentralized finance (DeFi) protocol Umee, expressed in an email to CoinDesk that he does not anticipate a significant drop in the price of ETH or other associated tokens in the immediate future.
"The momentum is just too powerful," Xu wrote. "Right now, there are many institutions holding ETH and LSTs. Retail basically isn't in the picture, and retail would be the ones who would dump at this moment. But the institutions won't really be impacted by this upgrade because their investing time horizons are longer term."
