The second-largest cryptocurrency by market cap reached a local high near $2016, despite a sizable amount of ETH in the queue for withdrawal from the deposit contract.
On the daily chart, Ethereum is trading at levels previously seen in August 2022:
After a successful activation of Shapella, the queue to withdraw ETH from the deposit contract reached 906,720 ETH ($1.82 billion), according to Token Unlocks. Almost 18,000 validators are awaiting the release of funds from staking, according to Parsec Finance.
As of writing, the deposit contract holds 17,983,484 ETH worth about $35.97 billion — about 15% of the circulating supply.
Analyst Michaël van de Poppe saw a bullish factor for many other coins in Ethereum’s upgrade.
The Shanghai upgrade is, possibly, a bullish outcome for the markets and #altcoins.
Altcoins tend to wait for $ETH before they want to start moving upwards, they need confidence (including the investors).
Instead of a bearish outcome, the event is a bullish outcome.
— Michaël van de Poppe (@CryptoMichNL) April 13, 2023
“Altcoins tend to wait for ETH before they start moving higher. They need confidence, as do investors. A bullish scenario instead of a bearish one,” the expert said.
Ethereum’s price growth pace was near the top among the top-10 by market cap crypto assets (second only to Dogecoin). Over the last 24 hours, the asset rose 4.8%.
Ethereum’s market capitalization reached $241 billion. By comparison, BTC’s is $588 billion.
Earlier, the Binance announced that it will open withdrawals of Ethereum from staking starting April 19.