2023 is Ethereum's next big upgrade. Why ETH is bullish

2023 is Ethereum's next big upgrade. Why ETH is bullish

The following year is already shaping up to be a prosperous one for Ethereum and its native token, Ether, as the next update, which is going to be called "Shanghai," is scheduled to begin in the third quarter of 2023.


Ethereum shows immediate signs of being a lucrative investment.
The price of Ethereum (ETH) may experience a substantial increase as a result of the update, which is likely to come with huge potential.

Stakeholders in the network will be able to withdraw their coins more simply after the "Shanghai" upgrade is implemented. The method of withdrawing funds will be redesigned such that it will have less of an effect than it otherwise might have on the pricing on the market.

According to Weiss Crypto Ratings' findings,

"When Shanghai opens the doors to flexible trading, we believe that a whole new crop of investors will likely want to join in once they know they can get out at any time while staking in a non-custodial manner," "We believe that a whole new crop of investors will likely want to get in,"

Additionally, the upgrade that introduces EIP-4488 is aimed to make transactions substantially cheaper through Layer-2 scalable networks that are specifically developed for those functions. This aspect of the upgrade is a new addition.

Weiss notes that "fees are estimated to be 1% even less than equivalent transactions on Ethereum's basic layer." This is a significant reduction.

The update to the plan for the network's enhancements was published by Vitalik Buterin, the founder of Ethereum, prior to the release of this statement.

As was previously reported, earlier this month, the co-founder of Ethereum, Vitalik Buterin, introduced a new development milestone in the Ethereum blockchain's roadmap called "the Scourge." This new development milestone will focus on ameliorating the censorship of transactions as well as an exploitative bot-driven trading practice known as maximal extractable value (MEV).

In the meantime, the price of Ether (ETH), which is the native cryptocurrency of the blockchain, has continued to fluctuate erratically despite its widespread adoption. According to statistics provided by CoinMarketCap, the price of ETH is currently somewhere around $1,205, reflecting a decline of 3.5% over the course of the previous twenty-four hours. The value of the cryptocurrency asset has decreased by approximately 4.7% over the past week and by approximately 66.1% over the course of the current year.

Despite the steep decline in price, however, "whales" (large investors) have been observed to keep purchasing Ether (ETH). Since late October, all levels of investors, including small, medium, and large traders, have been increasing their percentage of ETH supply owned, according to statistics highlighted by the cryptocurrency market intelligence platform Santiment.

A significant accumulation spike was seen during a period of one day last week in the case of sharks and whales, which are wallets that hold between 100 and 1,000,000 ETH. This increase occurred during the time period in which they added a combined total of 657,390 ETH to their holdings.

Ojike Stella

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