Analysts differ on the amount of ether selling pressure that could result from the Ethereum blockchain's Shanghai upgrade, scheduled for later today. By willcanny99.
, scheduled for later today. The Shanghai upgrade , will enable validators to withdraw staked ether and rewards that have been locked up.
JPMorgan says ether will likely face some selling pressure from the upgrade as more than one million ether staking rewards become instantly available this week. If you add potential additional selling from staked ether balances that belong to “troubled entities,” then the selling pressure may be larger in the coming weeks, analysts led by Nikolaos Panigirtzoglou wrote.
Selling directly from this source may amount to only about 1-2% of total average daily ether trading volumes, and Coinbase says its biased towards the lower end of that range. ETH performance around the Shanghai Fork will be less dependent on technicals and more contingent on what “risk” is doing at the time. If the market sees risk assets selling off, investors may decide to unstake and sell ether just to de-risk, while institutions may not step in as aggressively on the buy side, analysts David Duong and Brian Cubellis wrote.
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