Ethereum tests the $2,000 level after Shapella hard fork activation

On April 13, the price of Ethereum reached $1,994 after the successful activation of the Shapella upgrade. The last time the second-largest cryptocurrency by market capitalization reached such levels was in August 2022.

April 13, 2023 | 15:38Update:

Ethereum’s price continues to test the key level. However, the RSI indicator on the 4-hour chart is already in the overbought zone, which could indicate an impending correction.

According to CoinGecko, Ethereum rose by 6% over the last 24 hours — the strongest pace among the top-10 cryptocurrencies by market capitalization, with Dogecoin (+7.8%) ahead.

The hard fork occurred at epoch #194 048. Developers noted that the network saw a ‘pair of missed blocks’, but overall the upgrade proceeded successfully and the blockchain appears stable.

Shapella activated EIP-4895 — enabling withdrawals from staking.

The queue to withdraw ETH from the deposit contract reached 822,400 ETH ($1.63 billion), according to Token Unlocks. In the next 11 hours, 85,610 ETH ($169.76 million) are expected to be released. Daily pace stands at 186,785 ETH ($370.4 million).

According to Dune Analytics, the net outflow of coins from the deposit contract at the time of writing reached 173,000 ETH ($343 million).

Earlier, Glassnode estimated potential sales after Shapella in 170,000 ETH ($323 million) in the next seven days after activation. This figure represents less than 1% of the 18 million ETH 18 million ETH ($33.92 billion, 15% of the circulating supply).

Analysts at JPMorgan Chase and Fidelity Investments differed in their assessments of Shapella’s potential impact on Ethereum’s price.