Ethereum Price Shoots Closer To $2,000 Ahead Of Shanghai Upgrade
We recently reported that Ethereum’s price had risen to a new all-time high above $1,880. Now, the second-largest cryptocurrency has crossed the $1,900 mark and is nearing a remarkable milestone of $2,000. This rally has come ahead of the upcoming Shanghai hardfork update.
The ETH token is currently trading at around $1,958 as per CoinGecko’s 24-hour spot price typos list. The asset has recorded a 20% increase in value since the beginning of April 2021.
The upcoming Shanghai upgrade is scheduled to be launched on April 15. It is planned to be executed with block 12,244,000. This upgrade will bring in several features on Ethereum’s blockchain such as ZK-Rollups and support for EIP-1559.
Moreover, it will also reduce costs associated with ETH transfers and help scale the network while decreasing congestion. Hence, this can act as a major catalyst for ETH prices in the near future.
In addition to this crucial development update and market sentiment, it seems that Ethereum has been receiving strong backing from institutional investors. Investing and trading powerhouse Grayscale recently announced its decision to halt all ETH withdrawals from its subsidiary product called Grayscale Ethereum Trust (ETHE).
This news also infers that Grayscale’s ETHE holdings have exceeded 100% of its assets under management (AuM). As per reports from crypto analytics firm ByBt data, ETHE now holds assets worth more than $4 Billion.