The world's second-largest cryptocurrency, Ethereum (ETH), made a big debut just a week before the highly anticipated Shanghai upgrade and surpassed $1,900.
Ethereum, which has increased by 4.35% in the last 24 hours, continues to trade at $ 1,911.
Evaluating this rise in Ethereum and the effects of the Shanghai upgrade, Bernstein analysts compared the latest rise to the rise in September.
According to the news of Coindesk, Bernstein analysts said that this rise is similar to the rise experienced in Ethereum before the Merge upgrade that took place last September.
Stating that ETH performed 14% less than Bitcoin (BTC) in 2023, analysts Gautam Chhugani and Manas Agrawal have now stated that ETH is booming before Shanghai.
“Ethereum is preparing for the Shanghai upgrade, which is scheduled for April 12. Because ETH is experiencing a huge rise before the upgrade.
ETH also continues to gain value against BTC.”
Stating that investors are concerned that the supply of ETH will increase after the Shanghai upgrade and there may be selling pressure on ETH, analysts said that this may be possible.
However, opening a parenthesis here, Bernstein analysts stated that the staking mechanism gives investors more confidence in staking, stating that investors who have never staked are now more likely to stake.
*Not investment advice.