April 13, 2023

ETH Price Regains $1,900 as Ethereum Shanghai Upgrade Looks Stable

Ethereum Price Regains $1,900 as Shanghai Upgrade Looks Steady

We recently witnessed a surge in Ethereum (ETH) price which has now regained the $1,900-level. This rise comes after Ethereum successfully completed its Istanbul and Berlin upgrades. The updates to the network address some of the technical issues that have plagued Ethereum as it seeks scalability.

The latest upgrade is part of the ongoing shift to Ethereum 2.0, an upgraded version of the blockchain that promises to bring significant scalability and speed improvements. This latest Shanghai upgrade included some big modifications like introducing the Ropsten testnet for Beacon Chain.

The upgrade also included eWASM which is expected to remove few processing bottlenecks from the network. All these updates are assumed to result in better performance and overall usability of Ethereum’s network.

At press time, ETH has seen a surge from around $1,780 to more than $1,900 with a market capitalization of around $207 billion according to CoinMarketCap data. It is currently trading at about 7% higher on Friday against BTC.

In addition to these positive developments, crypto traders have looked towards Bitcoin halving event which is taking place on May 11. The event will slow down Bitcoin mining whereby it will reduce mining rewards per block by half which could support higher ETH prices in the near term.

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