Ethereum Trades Flat After Ethereum Shanghai Upgrade



Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

Secure Your Seat

Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

Secure Your Seat

CORRECT (April 12, 2023, 21:10 UTC): This story previously said ETH was up since the upgrade happened and said trading was volatile; neither was actually the case.

Ethereum’s long-awaited Shanghai upgrade has been deployed, and the blockchain’s native cryptocurrency, ether (ETH), is basically unchanged after the monumental event went live.

Ether is trading around$1,914 – about where it was right before the upgrade happened – as validators unstaked tokens that had previously been locked up since Ethereum shifted to proof-of-stake last year. ETH is up 1.1% versus 24 hours earlier.

Analysts were divided on potential price action in the lead up to the upgrade, with many predicting that fresh supply would increase sell pressure while others thought it may become a psychological battle where traders punish the over-crowded short trade.

In an email to CoinDes, Brent Xu, CEO of cross-chain decentralized finance (DeFi) protocol Umee wrote that he didn’t expect a big decline for ETH or related LSTs in the near 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.”

UPDATE (April 12, 2023, 23:44 UTC): Adds Xu quote.

Edited by James Rubin and Nick Baker.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.


Post Disclaimer

The information provided in our posts or blogs are for educational and informative purposes only. We do not guarantee the accuracy, completeness or suitability of the information. We do not provide financial or investment advice. Readers should always seek professional advice before making any financial or investment decisions based on the information provided in our content. We will not be held responsible for any losses, damages or consequences that may arise from relying on the information provided in our content.


Please enter your comment!
Please enter your name here